Geothermal Tax Credits for Green Bay Residents

Looking to save big money on the installation of that geothermal heating and cooling system you’ve always fancied? 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. As far as the latter are concerned:

  • This credit will be in effect from now through December 31, 2021.
  • It rebates 30% of allotted expenditures for systems placed in service between now and December 31, 2019.
  • A measured decrease in credit value is set up 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 completely installed and ready for use.
  • Systems for newly constru|ere]36]cted or newly renovated homes are considered “placed in service” at the time you, the homeowner, first inhabit the home.
  • It’s not necessary that this home be your primary place of residence.
  • Your geothermal heat pump must meet federal ENERGY STAR specifications.
  • To get the Residential Energy Efficient Property Credit, you’ll have to finish and file IRS Form 5695.

For more specifics, read our blog as well as this WaterFurnace®-created circular, Understanding the Federal Incentives for Geothermal Heat Pumps.

While we at Van's Refrigeration would love to see you install a geothermal heating and cooling system for your Green Bay home, we cannot legally prescribe any financial tactics for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can educate you on how best to take advantage of geothermal tax credits given your specific financial situation.

If you’re eager to discover more about what other energy-related tax incentives might be available to you at the federal, state, and local levels, check out dsireusa.org. This is a unique resource that’ll give you state-by-state intelligence on literally thousands of policies and incentives designed to advance  renewable energy and energy efficiency.

And don’t forget: When you finally decide on installing a geothermal heating and cooling system in your home, see the Green Bay geothermal gurus at Van's Refrigeration. We’ll get the job done right – to help you start saving both energy and money right from the start.