Geothermal Tax Credits for Kansas City Residents Looking to save lots of cash on the installation of that geothermal heating and cooling system you’ve long dreamed of? Well, this could be the time! The Bipartisan Budget Act of 2018, signed 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 applies from now through December 31, 2021.It pays back 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A progressive reduction in credit value is set up for each year thereafter, so if you want the complete 30% credit, you’ll have to move right away.Retrofit systems are regarded 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 considered “placed in service” at the time you, the homeowner, first occupy the home.The home needn’t be your principal place of residence. Your geothermal heat pump is required to comply with federal ENERGY STAR specifications.To claim the Residential Energy Efficient Property Credit, you’ll need to finish and file IRS Form 5695. For more specifics, take a look at our blog as well as this WaterFurnace®-created flier, Understanding the Federal Incentives for Geothermal Heat Pumps. Though it’s obvious that we at ECS Geothermal, Inc would love to see you install a geothermal heating and cooling system for your Kansas City home, we cannot legally sanction any financial strategy for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can counsel you on how best to take advantage of geothermal tax credits taking into account your singular financial situation. If you’re eager to find out more about what other energy-related tax incentives might be available to you at the federal, state, and local levels, look at dsireusa.org. This is an unusual resource that has state-by-state information on scores of policies and incentives encouraging renewable energy and energy efficiency. And don’t forget: When you finally decide to install a geothermal heating and cooling system in your home, depend on the Kansas City geothermal professionals at ECS Geothermal, Inc. We’ll get the job done right – to help you start saving both energy and money right from the start.