Geothermal Tax Credits for Hattiesburg Residents Looking to save lots of cash 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, signed 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 remains in effect from now through December 31, 2021.It rebates 30% of pre-identified expenditures for systems placed in service between now and December 31, 2019. A gradual reduction in credit value is set up for each succeeding year, so if you’d like the total 30% credit, you’ll have to move quickly.Retrofit systems are considered “placed in service” when they’re totally installed and ready for use. Systems for newly built or newly renovated homes are counted as “placed in service” on the day you, the homeowner, take occupancy of the home.The home needn’t be your main residence. Your geothermal heat pump is required to satisfy federal ENERGY STAR specifications.To get the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For further details, take a look at our blog. While it’s certainly true that we at American Air Specialists would like to see you purchase a geothermal heating and cooling system for your Hattiesburg home, we cannot legally suggest any financial strategy for doing so. We can, however, recommend that you seek the services of an area tax professional. He or she can educate you on how best to profit from geothermal tax credits given your specific financial situation. If you’d like to learn 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 one-of-a-kind resource that has state-by-state facts on untold numbers of policies and incentives promoting renewable energy and energy efficiency. And don’t forget: When you’re ready to install a geothermal heating and cooling system in your home, turn to the Hattiesburg geothermal specialists at American Air Specialists. We’ll do the job right – to help you start saving both energy and money right from the start.