Geothermal Tax Credits for Southeast Missouri Residents Looking for major savings on the installation of that geothermal heating and cooling system you’ve long fancied? Well, this could be your opportunity! The Bipartisan Budget Act of 2018, signed into law in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. As far as the latter are concerned: This credit applies from now through December 31, 2021.It covers 30% of designated expenditures for systems placed in service between now and December 31, 2019. A gradual step-down in credit value is set up for each year following, so if you want the complete 30% credit, you’ll have to take action swiftly.Retrofit systems are counted as “placed in service” when they’re fully installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are regarded as “placed in service” at the time you, the homeowner, take occupancy of the home.The home does not have to be your principal place of residence. Your geothermal heat pump must fulfill all federal ENERGY STAR specifications.To claim the Residential Energy Efficient Property Credit, you’ll need to finish and file IRS Form 5695. For further details, review our blog as well as this WaterFurnace®-prepared circular, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at Lundy HTG. & CLG. would like to see you purchase a geothermal heating and cooling system for your Southeast Missouri home, we cannot legally suggest any financial scheme for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can instruct you on how best to capitalize on geothermal tax credits in light of your specific financial situation. If you want to find out more about what other energy-related tax incentives might be applicable to you at the federal, state, and local levels, visit dsireusa.org. This is a unique resource that offers state-by-state facts on thousands of policies and incentives furthering renewable energy and energy efficiency. And don’t forget: When you’ve finally decided to install a geothermal heating and cooling system in your home, go with the Southeast Missouri geothermal experts at Lundy HTG. & CLG.. We’ll get the job done right – to help you start saving both energy and money right from the start.