Geothermal Tax Credits for Central Ohio Residents Looking to save big bucks on the installation of that geothermal heating and cooling system you’ve always wanted? Well, this could be your lucky day! 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. As far as the latter are concerned: This credit applies from now through December 31, 2021.It covers 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A progressive reduction in credit value is set up for each year thereafter, so if you’d like the complete 30% credit, you’ll have to act swiftly.Retrofit systems are counted as “placed in service” when they’re totally installed and ready for use. Systems for newly built or newly renovated homes are accounted “placed in service” at the time you, the homeowner, first occupy the home.It’s not required that this home be your chief residence. Your geothermal heat pump has to meet federal ENERGY STAR specifications.To receive the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For more specifics, see our blog as well as this WaterFurnace®-created handout, Understanding the Federal Incentives for Geothermal Heat Pumps. While it’s certainly true that we at Westin Air would love to see you get a geothermal heating and cooling system for your Central Ohio home, we cannot legally suggest any financial scheme for doing so. We can, however, recommend that you talk with a local tax professional. He or she can instruct you on how best to capitalize on geothermal tax credits taking into account your singular financial situation. If you’d like 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 an unusual resource that offers state-by-state data on untold numbers of policies and incentives promoting renewable energy and energy efficiency. And remember: When you finally decide to install a geothermal heating and cooling system in your home, go with the Central Ohio geothermal professionals at Westin Air. We’ll do the job right – to help you start saving both energy and money right from the start.