Geothermal Tax Credits for Omaha Residents Looking to save a ton of money on the installation of that geothermal heating and cooling system you’ve always longed for? Well, this could be your chance! 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. Regarding the latter: This credit applies from now through December 31, 2021.It pays back 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A measured reduction in credit value is slated for each subsequent year, so if you’d like the full 30% credit, you’ll have to move right away.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 judged “placed in service” on the date you, the homeowner, take occupancy of the home.The home does not have to be your principal place of residence. Your geothermal heat pump is required to comply with federal ENERGY STAR criteria.To get the Residential Energy Efficient Property Credit, you’ll need to finish and file IRS Form 5695. For additional information, review our blog as well as this WaterFurnace®-produced handout, Understanding the Federal Incentives for Geothermal Heat Pumps. Though it’s obvious that we at Complete Comfort would like to see you purchase a geothermal heating and cooling system for your Omaha home, we cannot legally endorse any financial strategy for doing so. We can, however, recommend that you meet with a local tax professional. He or she can advise you on how best to profit from geothermal tax credits in light of your individual 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, check out dsireusa.org. This is a one-of-a-kind resource that has state-by-state information on literally thousands of policies and incentives championing renewable energy and energy efficiency. And don’t forget: When you’re ready to install a geothermal heating and cooling system in your home, head on over to the Omaha geothermal experts at Complete Comfort. We’ll do the job right – to help you start saving both energy and money right from the start.