Geothermal Tax Credits for Mitchell Residents Looking to save big bucks on the installation of that geothermal heating and cooling system you’ve always fancied? Well, this could be your chance! The Bipartisan Budget Act of 2018, approved in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. Pertaining to the latter: This credit will be in effect from now through December 31, 2021.It rebates 30% of specified expenditures for systems placed in service between now and December 31, 2019. A gradual decrease in credit value is set up for each subsequent year, so if you’d like the initial 30% credit, you’ll have to move quickly.Retrofit systems are accounted “placed in service” when they’re fully installed and ready for use. Systems for newly built or newly renovated homes are regarded as “placed in service” at the time you, the homeowner, first inhabit the home.The home doesn’t have to be your primary place of residence. Your geothermal heat pump must fulfill all federal ENERGY STAR criteria.To receive the Residential Energy Efficient Property Credit, you’ll have to fill out and file IRS Form 5695. For further details, see our blog as well as this WaterFurnace®-produced circular, Understanding the Federal Incentives for Geothermal Heat Pumps. While it’s certainly true that we at Affordable Geothermal LLC would like to see you purchase a geothermal heating and cooling system for your Mitchell home, we cannot legally support any financial tactics for doing so. We can, however, recommend that you talk with a local tax professional. He or she can educate you on how best to take advantage of geothermal tax credits given your unique financial situation. If you want to find out more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, go to dsireusa.org. This is a one-of-a-kind resource that has state-by-state information on heaps of policies and incentives designed to stimulate renewable energy and energy efficiency. And don’t forget: When you finally decide to install a geothermal heating and cooling system in your home, go with the Mitchell geothermal pros at Affordable Geothermal LLC. We’ll get the job done right – to help you start saving both energy and money right from the start.