Geothermal Tax Credits for Dallas Residents Looking to save lots of money on the installation of that geothermal heating and cooling system you’ve always dreamed about? 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 will stay 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 progressive step-down in credit value is set up for each succeeding year, so if you’d like the complete 30% credit, you’ll have to move swiftly.Retrofit systems are regarded as “placed in service” when they’re totally 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 settle into the home.The home does not have to be your chief residence. Your geothermal heat pump must fulfill all federal ENERGY STAR criteria.To get 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®-prepared handout, Understanding the Federal Incentives for Geothermal Heat Pumps. Though we at Geo-Thermal Distribution Co., LLC would love to see you install a geothermal heating and cooling system for your Dallas home, we cannot legally sanction any financial plan for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can direct you on how best to profit from geothermal tax credits taking into account 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 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’re ready to install a geothermal heating and cooling system in your home, see the Dallas geothermal specialists at Geo-Thermal Distribution Co., LLC. We’ll do the job right – to help you start saving both energy and money right from the start.