Geothermal Tax Credits for Lane County Residents Looking to save big time on the installation of that geothermal heating and cooling system you’ve always wanted? Well, this could be the time! 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. As far as the latter are concerned: This credit remains in effect from now through December 31, 2021.It pays back 30% of specified expenditures for systems placed in service between now and December 31, 2019. A measured step-down in credit value is slated for each subsequent year, so if you’re anxious to get the total 30% credit, you’ll have to act right away.Retrofit systems are accounted “placed in service” when they’re totally installed and ready for use. Systems for newly built or newly renovated homes are judged “placed in service” on the date you, the homeowner, take occupancy of the home.The home does not have to be your chief residence. Your geothermal heat pump has 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 bulletin, Understanding the Federal Incentives for Geothermal Heat Pumps. Though it’s a given that we at Comfort Flow Heating would love to see you install a geothermal heating and cooling system for your Lane County home, we cannot legally sanction any financial plan for doing so. We can, however, recommend that you seek the services of an area tax professional. He or she can direct you on how best to take advantage of geothermal tax credits in light of your singular 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, visit dsireusa.org. This is a unique resource that’ll give you state-by-state facts on thousands of policies and incentives designed to stimulate renewable energy and energy efficiency. And remember: When you’re ready to install a geothermal heating and cooling system in your home, see the Lane County geothermal pros at Comfort Flow Heating. We’ll do the job right – to help you start saving both energy and money right from the start.