Geothermal Tax Credits for Boise Residents Looking for significant savings on the installation of that geothermal heating and cooling system you’ve always dreamed about? Well, this could be the time! The Bipartisan Budget Act of 2018, passed 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 pays back 30% of allotted expenditures for systems placed in service between now and December 31, 2019. A measured reduction in credit value is set up for each year thereafter, so if you’re seeking the complete 30% credit, you’ll have to take action 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 accepted as “placed in service” on the day you, the homeowner, take occupancy of the home.The home does not have to be your chief residence. Your geothermal heat pump is required to satisfy federal ENERGY STAR criteria.To receive the Residential Energy Efficient Property Credit, you’ll have to finish and file IRS Form 5695. For further details, review our blog as well as this WaterFurnace®-created bulletin, Understanding the Federal Incentives for Geothermal Heat Pumps. While we at Idaho Geothermal, LLC would be pleased to see you get a geothermal heating and cooling system for your Boise home, we cannot legally sanction any financial strategy for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can instruct you on how best to take advantage of geothermal tax credits taking into account your individual financial situation. If you’re eager 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 a one-of-a-kind resource that offers state-by-state data on heaps of policies and incentives promoting renewable energy and energy efficiency. And keep in mind: When you’re ready to install a geothermal heating and cooling system in your home, turn to the Boise geothermal experts at Idaho Geothermal, LLC. We’ll do the job right – to help you start saving both energy and money right from the start.