Geothermal Tax Credits for Hattiesburg Residents Looking to save big bucks on the installation of that geothermal heating and cooling system you’ve always wanted? Well, this could be your chance! 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 progressive 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 swiftly.Retrofit systems are judged “placed in service” when they’re totally installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are accounted “placed in service” at the time you, the homeowner, take occupancy of the home.The home needn’t be your principal place of residence. Your geothermal heat pump has to satisfy federal ENERGY STAR specifications.To receive the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For additional details, take a look at our blog. While it’s certainly true that we at American Air Specialists would love to see you install a geothermal heating and cooling system for your Hattiesburg home, we cannot legally sanction any financial strategy for doing so. We can, however, recommend that you meet with an area tax professional. He or she can instruct you on how best to profit from geothermal tax credits given your specific financial situation. If you’d like to find out more about what other energy-related tax incentives might be there for you at the federal, state, and local levels, look at dsireusa.org. This is a unique resource that has state-by-state facts on untold numbers of policies and incentives advancing renewable energy and energy efficiency. And don’t forget: When you’ve made up your mind to install a geothermal heating and cooling system in your home, depend on the Hattiesburg geothermal experts at American Air Specialists. We’ll do the job right – to help you start saving both energy and money right from the start.