Geothermal Tax Credits for The Hudson Valley Residents Looking to save lots of money on the installation of that geothermal heating and cooling system you’ve always dreamed of? Well, this could be your lucky day! The Bipartisan Budget Act of 2018, ratified 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 will stay in effect from now through December 31, 2021.It offsets 30% of allotted 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 want the full 30% credit, you’ll have to take action fast.Retrofit systems are judged “placed in service” when they’re totally 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 settle into the home.The home needn’t be your main residence. Your geothermal heat pump is required to comply with federal ENERGY STAR criteria.To receive the Residential Energy Efficient Property Credit, you’ll need to complete and file IRS Form 5695. For more specifics, check out our blog. While it’s certainly true that we at Verdae Geothermal would love to see you purchase a geothermal heating and cooling system for your The Hudson Valley home, we cannot legally sanction any financial strategy for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can educate you on how best to profit from geothermal tax credits considering your unique financial situation. If you’re eager to discover 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’ll give you state-by-state intelligence on scores of policies and incentives encouraging renewable energy and energy efficiency. And keep in mind: When you’re ready to install a geothermal heating and cooling system in your home, see the The Hudson Valley geothermal pros at Verdae Geothermal. We’ll do the job right – to help you start saving both energy and money right from the start.