Geothermal Tax Credits for Van Buren Residents Looking for major savings on the installation of that geothermal heating and cooling system you’ve always dreamed about? Well, this could be the time! The Bipartisan Budget Act of 2018, signed in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. Regarding the latter: This credit will stay in effect from now through December 31, 2021.It pays back 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A measured decrease in credit value is slated for each successive year, so if you want the full 30% credit, you’ll have to take action right away.Retrofit systems are regarded as “placed in service” when they’re completely installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are judged “placed in service” on the date you, the homeowner, first settle into the home.The home needn’t be your chief residence. Your geothermal heat pump must fulfill all federal ENERGY STAR specifications.To claim the Residential Energy Efficient Property Credit, you’ll have to fill out and file IRS Form 5695. For additional information, read our blog as well as this WaterFurnace®-prepared circular, Understanding the Federal Incentives for Geothermal Heat Pumps. Though we at American Energy Guard would be delighted to see you install a geothermal heating and cooling system for your Van Buren home, we cannot legally suggest any financial tactics for doing so. We can, however, recommend that you employ the services of an area tax professional. He or she can advise you on how best to take advantage of geothermal tax credits considering your individual financial situation. If you’d like to discover 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 unique resource that offers state-by-state information on scores of policies and incentives designed to stimulate renewable energy and energy efficiency. And don’t forget: When you finally decide on installing a geothermal heating and cooling system in your home, turn to the Van Buren geothermal pros at American Energy Guard. We’ll get the job done right – to help you start saving both energy and money right from the start.