Geothermal Tax Credits for Maryville Residents Looking to save big bucks on the installation of that geothermal heating and cooling system you’ve always fancied? 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. Relative to the latter: This credit will stay in effect from now through December 31, 2021.It rebates 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A measured step-down in credit value is set up for each subsequent year, so if you want the complete 30% credit, you’ll have to take action right away.Retrofit systems are accounted “placed in service” when they’re fully installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are considered “placed in service” at the time you, the homeowner, first occupy the home.It’s not necessary that this home be your main residence. Your geothermal heat pump is required to satisfy federal ENERGY STAR recommendations.To receive the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695. For more specifics, see our blog as well as this WaterFurnace®-produced circular, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at A&L Heating and Air, LLC would be thrilled to see you get a geothermal heating and cooling system for your Maryville home, we cannot legally suggest any financial scheme for doing so. We can, however, recommend that you seek out an area tax professional. He or she can advise you on how best to capitalize on geothermal tax credits in light of your specific financial situation. If you’re eager to find out more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, go to dsireusa.org. This is a unique resource that’ll give you state-by-state data on thousands of policies and incentives designed to stimulate renewable energy and energy efficiency. And don’t forget: When you’re ready to install a geothermal heating and cooling system in your home, call on the Maryville geothermal professionals at A&L Heating and Air, LLC. We’ll do the job right – to help you start saving both energy and money right from the start.