Geothermal Tax Credits for Fort Wayne Residents Looking to save big time on the installation of that geothermal heating and cooling system you’ve long 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. Regarding the latter: This credit remains in effect from now through December 31, 2021.It covers 30% of pre-identified expenditures for systems placed in service between now and December 31, 2019. A measured step-down in credit value is scheduled for each subsequent year, so if you’d like the initial 30% credit, you’ll have to act fast.Retrofit systems are considered “placed in service” when they’re totally installed and ready for use. Systems for newly built or newly renovated homes are accounted “placed in service” on the date you, the homeowner, take occupancy of the home.It’s not required that this home be your main residence. Your geothermal heat pump is required to meet federal ENERGY STAR criteria.To get the Residential Energy Efficient Property Credit, you must finish and file IRS Form 5695. For additional information, see our blog as well as this WaterFurnace®-prepared piece, Understanding the Federal Incentives for Geothermal Heat Pumps. Though it’s obvious that we at Masters Heating & Cooling, Inc. would be thrilled to see you purchase a geothermal heating and cooling system for your Fort Wayne home, we cannot legally suggest any financial tactics for doing so. We can, however, recommend that you speak with a local tax professional. He or she can instruct you on how best to take advantage of geothermal tax credits considering your particular financial situation. If you’d like to discover more about what other energy-related tax incentives might be there for you at the federal, state, and local levels, check out dsireusa.org. This is a one-of-a-kind resource that has state-by-state facts on thousands of policies and incentives designed to stimulate renewable energy and energy efficiency. And bear in mind: When you’re ready to install a geothermal heating and cooling system in your home, go with the Fort Wayne geothermal experts at Masters Heating & Cooling, Inc.. We’ll get the job done right – to help you start saving both energy and money right from the start.