Geothermal Tax Credits for Starkville Residents Looking to save big time on the installation of that geothermal heating and cooling system you’ve long fancied? 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. As far as the latter are concerned: This credit remains 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 progressive step-down in credit value is scheduled for each year following, so if you want the initial 30% credit, you’ll have to take action right away.Retrofit systems are accounted “placed in service” when they’re completely installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are counted as “placed in service” at the time you, the homeowner, first inhabit the home.It’s not necessary that this home be your primary place of residence. Your geothermal heat pump must fulfill all federal ENERGY STAR recommendations.To claim the Residential Energy Efficient Property Credit, you’ll need to finish and file IRS Form 5695. For additional information, check out our blog as well as this WaterFurnace®-created flier, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at Mid South Air Conditioning, Inc. would like to see you purchase a geothermal heating and cooling system for your Starkville home, we cannot legally support any financial strategy for doing so. We can, however, recommend that you meet with a local tax professional. He or she can direct you on how best to take advantage of geothermal tax credits given your particular financial situation. If you’re eager 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 has state-by-state intelligence on thousands of policies and incentives championing renewable energy and energy efficiency. And remember: When you finally decide on installing a geothermal heating and cooling system in your home, call on the Starkville geothermal professionals at Mid South Air Conditioning, Inc.. We’ll get the job done right – to help you start saving both energy and money right from the start.