Geothermal Tax Credits for Elizabethtown 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, ratified in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. Pertaining to the latter:

  • This credit remains in effect from now through December 31, 2021.
  • It offsets 30% of specified expenditures for systems placed in service between now and December 31, 2019.
  • A progressive decrease in credit value is scheduled for each year following, so if you want the initial 30% credit, you’ll have to move fast.
  • Retrofit systems are counted as “placed in service” when they’re fully installed and ready for use.
  • Systems for newly built or newly renovated homes are accepted as “placed in service” on the day you, the homeowner, first inhabit the home.
  • The home doesn’t have to be your main residence.
  • Your geothermal heat pump is required to satisfy federal ENERGY STAR criteria.
  • To claim the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695.

For further information, check out our blog as well as this WaterFurnace®-prepared piece, Understanding the Federal Incentives for Geothermal Heat Pumps.

Though we at Dever Enterprises would like to see you purchase a geothermal heating and cooling system for your Elizabethtown home, we cannot legally endorse any financial scheme for doing so. We can, however, recommend that you seek out an area tax professional. He or she can counsel you on how best to take advantage of geothermal tax credits in light of your particular financial situation.

If you’d like to discover more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, go to dsireusa.org. This is a unique resource that provides state-by-state data on heaps of policies and incentives designed to stimulate  renewable energy and energy efficiency.

And remember: When you’ve committed yourself to install a geothermal heating and cooling system in your home, depend on the Elizabethtown geothermal professionals at Dever Enterprises. We’ll get the job done right – to help you start saving both energy and money right from the start.