Geothermal Tax Credits for Atlanta Residents Looking for big savings on the installation of that geothermal heating and cooling system you’ve always dreamed about? 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 applies 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 progressive step-down in credit value is set up for each successive year, so if you’d like the total 30% credit, you’ll have to act right away.Retrofit systems are accounted “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 day you, the homeowner, take occupancy of the home.It’s not required that this home be your primary place of residence. Your geothermal heat pump has to comply with federal ENERGY STAR criteria.To claim the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For additional details, review our blog as well as this WaterFurnace®-produced handout, Understanding the Federal Incentives for Geothermal Heat Pumps. While we at GeoSaves, Inc. would like to see you purchase a geothermal heating and cooling system for your Atlanta home, we cannot legally support any financial tactics for doing so. We can, however, recommend that you seek the services of an area tax professional. He or she can counsel you on how best to capitalize on geothermal tax credits given your singular financial situation. If you’d like to learn more about what other energy-related tax incentives might be there for you at the federal, state, and local levels, check out dsireusa.org. This is an unusual resource that’ll give you state-by-state intelligence on thousands of policies and incentives advancing renewable energy and energy efficiency. And don’t forget: When you’re ready to install a geothermal heating and cooling system in your home, head on over to the Atlanta geothermal experts at GeoSaves, Inc.. We’ll get the job done right – to help you start saving both energy and money right from the start.