Geothermal Tax Credits for San Antonio Residents Looking to save big money on the installation of that geothermal heating and cooling system you’ve long wanted? Well, this could be your opportunity! The Bipartisan Budget Act of 2018, ratified 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 offsets 30% of designated expenditures for systems placed in service between now and December 31, 2019. A progressive step-down in credit value is slated for each year following, so if you’re seeking the complete 30% credit, you’ll have to move fast.Retrofit systems are considered “placed in service” when they’re totally 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, first occupy the home.The home needn’t be your main residence. Your geothermal heat pump is required to meet federal ENERGY STAR criteria.To claim the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For further details, review our blog as well as this WaterFurnace®-prepared bulletin, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at Southwest Mechanical Services would like to see you purchase a geothermal heating and cooling system for your San Antonio home, we cannot legally support any financial plan for doing so. We can, however, recommend that you talk with a local tax professional. He or she can educate you on how best to capitalize on geothermal tax credits taking into account your unique financial situation. If you’d like to find out more about what other energy-related tax incentives might be applicable to you at the federal, state, and local levels, check out dsireusa.org. This is a unique resource that offers state-by-state information on 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, see the San Antonio geothermal pros at Southwest Mechanical Services. We’ll do the job right – to help you start saving both energy and money right from the start.