Geothermal Tax Credits for Omaha Residents Looking for major savings on the installation of that geothermal heating and cooling system you’ve always fancied? Well, this could be the time! The Bipartisan Budget Act of 2018, signed 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 pre-identified expenditures for systems placed in service between now and December 31, 2019. A progressive decrease in credit value is set up for each successive year, so if you’d like the initial 30% credit, you’ll have to take action right away.Retrofit systems are counted as “placed in service” when they’re completely 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 main residence. Your geothermal heat pump has to satisfy federal ENERGY STAR recommendations.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®-generated circular, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at Getzschman Heating & Air Conditioning would be thrilled to see you get a geothermal heating and cooling system for your Omaha home, we cannot legally lend our approval to any financial plan for doing so. We can, however, recommend that you seek out a local tax professional. He or she can counsel you on how best to profit from geothermal tax credits given your particular financial situation. If you’d like 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 offers state-by-state intelligence on scores 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, call on the Omaha geothermal pros at Getzschman Heating & Air Conditioning. We’ll do the job right – to help you start saving both energy and money right from the start.