Geothermal Tax Credits for Northern Colorado Residents Looking to save a ton of money on the installation of that geothermal heating and cooling system you’ve always dreamed of? Well, this could be your opportunity! The Bipartisan Budget Act of 2018, signed into law 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 applies from now through December 31, 2021.It covers 30% of specified expenditures for systems placed in service between now and December 31, 2019. A progressive decrease in credit value is set up for each year following, so if you want the initial 30% credit, you’ll have to act fast.Retrofit systems are considered “placed in service” when they’re completely installed and ready for use. Systems for newly built or newly renovated homes are regarded as “placed in service” at the time you, the homeowner, take occupancy of the home.It’s not a requirement that this home be your chief residence. Your geothermal heat pump must fulfill all federal ENERGY STAR specifications.To claim the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695. For more specifics, review our blog as well as this WaterFurnace®-prepared flier, Understanding the Federal Incentives for Geothermal Heat Pumps. While it’s certainly true that we at Comfort By Nature would love to see you install a geothermal heating and cooling system for your Northern Colorado home, we cannot legally suggest any financial plan for doing so. We can, however, recommend that you seek out an area tax professional. He or she can direct you on how best to profit from 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 apply to you at the federal, state, and local levels, look at dsireusa.org. This is a one-of-a-kind resource that’ll give you state-by-state information on thousands of policies and incentives furthering 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 Northern Colorado geothermal professionals at Comfort By Nature. We’ll do the job right – to help you start saving both energy and money right from the start.