Geothermal Tax Credits for West Chester Residents Looking to save big time on the installation of that geothermal heating and cooling system you’ve always wanted? 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 gradual reduction in credit value is set up for each year following, so if you’re anxious to get the initial 30% credit, you’ll have to move 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 accepted as “placed in service” at the time you, the homeowner, take occupancy of the home.The home needn’t be your chief residence. Your geothermal heat pump must meet federal ENERGY STAR criteria.To get the Residential Energy Efficient Property Credit, you must finish and file IRS Form 5695. For more specifics, see our blog as well as this WaterFurnace®-created piece, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at Brandywine Valley Heating & Air Conditioning would love to see you get a geothermal heating and cooling system for your West Chester home, we cannot legally suggest any financial strategy for doing so. We can, however, recommend that you meet with a local tax professional. He or she can instruct you on how best to take advantage of geothermal tax credits in light of your unique financial situation. If you want to learn 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 a unique resource that offers state-by-state intelligence on heaps of policies and incentives designed to stimulate renewable energy and energy efficiency. And remember: When you’re ready to install a geothermal heating and cooling system in your home, see the West Chester geothermal experts at Brandywine Valley Heating & Air Conditioning. We’ll get the job done right – to help you start saving both energy and money right from the start.