Geothermal Tax Credits for Beckley Residents Looking to save big money on the installation of that geothermal heating and cooling system you’ve long fancied? Well, this could be your chance! The Bipartisan Budget Act of 2018, signed into law 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 applies 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 gradual step-down in credit value is slated for each successive year, so if you’re anxious to get the complete 30% credit, you’ll have to act fast.Retrofit systems are considered “placed in service” when they’re fully installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are regarded as “placed in service” on the day you, the homeowner, first occupy the home.The home doesn’t have to be your chief residence. Your geothermal heat pump must meet federal ENERGY STAR criteria.To receive 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®-generated bulletin, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at Appalachian Heating would be happy to see you get a geothermal heating and cooling system for your Beckley home, we cannot legally support any financial strategy for doing so. We can, however, recommend that you seek the services of an area tax professional. He or she can educate you on how best to take advantage of geothermal tax credits given your individual 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, check out dsireusa.org. This is an unusual resource that offers state-by-state data on thousands of policies and incentives designed to advance renewable energy and energy efficiency. And remember: When you’ve committed yourself to install a geothermal heating and cooling system in your home, call on the Beckley geothermal pros at Appalachian Heating. We’ll do the job right – to help you start saving both energy and money right from the start.