Geothermal Tax Credits for Lancaster Residents Looking for significant savings on the installation of that geothermal heating and cooling system you’ve long longed for? Well, this could be your opportunity! The Bipartisan Budget Act of 2018, approved 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 applies from now through December 31, 2021.It covers 30% of designated expenditures for systems placed in service between now and December 31, 2019. A gradual decrease in credit value is scheduled for each year following, so if you’d like the total 30% credit, you’ll have to act swiftly.Retrofit systems are accepted as “placed in service” when they’re fully installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are accepted as “placed in service” on the day you, the homeowner, first settle into the home.It’s not a requirement that this home be your chief residence. Your geothermal heat pump must meet federal ENERGY STAR criteria.To claim the Residential Energy Efficient Property Credit, you’ll have to finish and file IRS Form 5695. For more specifics, check out our blog as well as this WaterFurnace®-prepared handout, Understanding the Federal Incentives for Geothermal Heat Pumps. Though it’s a given that we at Gochnauer at Home would be pleased to see you get a geothermal heating and cooling system for your Lancaster home, we cannot legally endorse any financial plan for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can educate you on how best to take advantage of geothermal tax credits given your specific financial situation. If you’re eager 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 provides state-by-state facts on thousands of policies and incentives designed to advance renewable energy and energy efficiency. And don’t forget: When you’re ready to install a geothermal heating and cooling system in your home, see the Lancaster geothermal professionals at Gochnauer at Home. We’ll do the job right – to help you start saving both energy and money right from the start.