Geothermal Tax Credits for Lansing Residents Looking for significant savings on the installation of that geothermal heating and cooling system you’ve long fancied? Well, this could be the time! 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 reduction in credit value is scheduled for each year following, so if you’re seeking the full 30% credit, you’ll have to take action quickly.Retrofit systems are accounted “placed in service” when they’re fully installed and ready for use. Systems for newly built or newly renovated homes are considered “placed in service” at the time you, the homeowner, take occupancy of the home.The home doesn’t have to be your principal place of residence. Your geothermal heat pump is required to comply with federal ENERGY STAR specifications.To receive the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For more specifics, check out our blog as well as this WaterFurnace®-prepared handout, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at S&J Heating and Insulation, Inc. would like to see you purchase a geothermal heating and cooling system for your Lansing home, we cannot legally suggest any financial scheme for doing so. We can, however, recommend that you speak with an area tax professional. He or she can instruct you on how best to profit from geothermal tax credits in light of your particular financial situation. If you want to learn more about what other energy-related tax incentives might be available 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 heaps of policies and incentives designed to advance renewable energy and energy efficiency. And bear in mind: When you’ve made up your mind to install a geothermal heating and cooling system in your home, depend on the Lansing geothermal experts at S&J Heating and Insulation, Inc.. We’ll get the job done right – to help you start saving both energy and money right from the start.