Geothermal Tax Credits for Boone Residents

Looking to save big money on the installation of that geothermal heating and cooling system you’ve long dreamed about? 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 will stay 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 decrease in credit value is set up for each successive year, so if you’d like the complete 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 built or newly renovated homes are accepted as “placed in service” on the day you, the homeowner, first settle into the home.
  • The home doesn’t have to be your chief residence.
  • Your geothermal heat pump is required to satisfy federal ENERGY STAR recommendations.
  • To get the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695.

For more specifics, review our blog.

While it’s certainly true that we at Scott Brothers Heating & Air would love to see you purchase a geothermal heating and cooling system for your Boone home, we cannot legally support any financial scheme for doing so. We can, however, recommend that you employ the services of a local tax professional. He or she can counsel you on how best to capitalize on geothermal tax credits in light of your individual financial situation.

If you want 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 an unusual resource that provides state-by-state information on scores of policies and incentives designed to advance  renewable energy and energy efficiency.

And don’t forget: When you’ve finally decided to install a geothermal heating and cooling system in your home, call on the Boone geothermal gurus at Scott Brothers Heating & Air. We’ll get the job done right – to help you start saving both energy and money right from the start.