Geothermal Tax Credits for Jasper Residents

Looking to save big time on the installation of that geothermal heating and cooling system you’ve always dreamed of? 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 remains in effect from now through December 31, 2021.
  • It covers 30% of allotted expenditures for systems placed in service between now and December 31, 2019.
  • A progressive step-down in credit value is set up for each year thereafter, so if you want the initial 30% credit, you’ll have to act fast.
  • Retrofit systems are considered “placed in service” when they’re fully installed and ready for use.
  • Systems for newly constru|ere]36]cted or newly renovated homes are accounted “placed in service” at the time you, the homeowner, take occupancy of the home.
  • It’s not necessary that this home be your main residence.
  • Your geothermal heat pump must meet federal ENERGY STAR specifications.
  • To receive the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695.

For additional details, see our blog as well as this WaterFurnace®-prepared circular, Understanding the Federal Incentives for Geothermal Heat Pumps.

While it’s certainly true that we at Hulsman Refrigeration, Inc. would love to see you install a geothermal heating and cooling system for your Jasper home, we cannot legally lend our approval to any financial strategy for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can direct you on how best to capitalize on geothermal tax credits in light of your singular 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 unique resource that has state-by-state intelligence on scores of policies and incentives designed to stimulate  renewable energy and energy efficiency.

And remember: When you’re ready to install a geothermal heating and cooling system in your home, see the Jasper geothermal specialists at Hulsman Refrigeration, Inc.. We’ll do the job right – to help you start saving both energy and money right from the start.