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. Relative to the latter: 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 quickly.Retrofit systems are regarded as “placed in service” when they’re completely installed and ready for use. Systems for newly built or newly renovated homes are considered “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. While it’s certainly true that we at Geo-Thermal Distribution Co., LLC would like to see you purchase 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 seek out an area 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 be available to you at the federal, state, and local levels, visit dsireusa.org. This is a one-of-a-kind resource that has state-by-state intelligence on thousands of policies and incentives designed to advance renewable energy and energy efficiency. And don’t forget: When you finally decide on installing a geothermal heating and cooling system in your home, see the Dallas geothermal pros 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.