Geothermal Tax Credits for Scranton Residents Looking for big savings on the installation of that geothermal heating and cooling system you’ve always wanted? Well, this could be your chance! 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. As far as the latter are concerned: This credit remains in effect from now through December 31, 2021.It pays back 30% of approved expenditures for systems placed in service between now and December 31, 2019. A gradual step-down in credit value is scheduled for each year thereafter, so if you’re anxious to get the initial 30% credit, you’ll have to take action right away.Retrofit systems are judged “placed in service” when they’re totally installed and ready for use. Systems for newly built or newly renovated homes are counted as “placed in service” on the date you, the homeowner, take occupancy of the home.The home needn’t be your main residence. Your geothermal heat pump has to meet federal ENERGY STAR criteria.To claim the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695. For more specifics, read our blog. Though we at Jim Lamberti Contracting Services, LLC would love to see you install a geothermal heating and cooling system for your Scranton home, we cannot legally lend our approval to any financial plan for doing so. We can, however, recommend that you seek out an area tax professional. He or she can educate you on how best to profit from geothermal tax credits in light of your individual financial situation. If you’re eager to find out more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, look at dsireusa.org. This is a unique resource that has state-by-state intelligence on heaps of policies and incentives designed to stimulate renewable energy and energy efficiency. And don’t forget: When you’ve finally decided to install a geothermal heating and cooling system in your home, go with the Scranton geothermal professionals at Jim Lamberti Contracting Services, LLC. We’ll get the job done right – to help you start saving both energy and money right from the start.