Geothermal Tax Credits for Bloomington Residents Looking to save big time 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, passed 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 offsets 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A gradual reduction in credit value is scheduled for each year following, so if you’d like the initial 30% credit, you’ll have to move swiftly.Retrofit systems are accepted as “placed in service” when they’re totally installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are considered “placed in service” at the time you, the homeowner, take occupancy of the home.The home needn’t be your principal place of residence. Your geothermal heat pump has to comply with federal ENERGY STAR recommendations.To get the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695. For further details, see our blog as well as this WaterFurnace®-developed flier, Understanding the Federal Incentives for Geothermal Heat Pumps. Though it’s a given that we at Quality HVAC would love to see you purchase a geothermal heating and cooling system for your Bloomington home, we cannot legally lend our approval to any financial strategy for doing so. We can, however, recommend that you employ the services of a local tax professional. He or she can direct you on how best to capitalize on geothermal tax credits in light of your singular financial situation. If you want to learn more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, look at dsireusa.org. This is a unique resource that provides state-by-state facts on literally thousands of policies and incentives encouraging renewable energy and energy efficiency. And keep in mind: When you’re ready to install a geothermal heating and cooling system in your home, turn to the Bloomington geothermal gurus at Quality HVAC. We’ll get the job done right – to help you start saving both energy and money right from the start.