Geothermal Tax Credits for Dallas Residents Looking for significant savings on the installation of that geothermal heating and cooling system you’ve always fancied? Well, this could be your opportunity! The Bipartisan Budget Act of 2018, passed 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 covers 30% of pre-identified expenditures for systems placed in service between now and December 31, 2019. A gradual decrease in credit value is set up for each succeeding year, so if you’d like the complete 30% credit, you’ll have to move fast.Retrofit systems are regarded as “placed in service” when they’re totally installed and ready for use. Systems for newly built or newly renovated homes are considered “placed in service” at the time you, the homeowner, first settle into the home.It’s not a requirement that this home be your main residence. Your geothermal heat pump must fulfill all federal ENERGY STAR specifications.To claim the Residential Energy Efficient Property Credit, you should finish and file IRS Form 5695. For more specifics, review our blog. While it’s certainly true that we at Geo-Thermal Distribution Co., LLC would like to see you install a geothermal heating and cooling system for your Dallas home, we cannot legally lend our approval to any financial strategy for doing so. We can, however, recommend that you consult with a local tax professional. He or she can direct you on how best to profit from geothermal tax credits given your individual 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, visit dsireusa.org. This is a unique resource that has state-by-state intelligence on thousands of policies and incentives designed to advance renewable energy and energy efficiency. And bear in mind: When you finally decide on installing a geothermal heating and cooling system in your home, go with the Dallas geothermal gurus at Geo-Thermal Distribution Co., LLC. We’ll get the job done right – to help you start saving both energy and money right from the start.