Geothermal Tax Credits for Pittsburgh Residents Looking to save big bucks on the installation of that geothermal heating and cooling system you’ve long wanted? 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 will be 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 gradual reduction in credit value is set up for each subsequent year, so if you want the initial 30% credit, you’ll have to take action quickly.Retrofit systems are accepted 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” at the time you, the homeowner, first inhabit the home.It’s not required that this home be your main residence. Your geothermal heat pump is required to satisfy federal ENERGY STAR recommendations.To receive the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For more specifics, review our blog as well as this WaterFurnace®-prepared circular, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at E & D Company HVAC LLC would love to see you install a geothermal heating and cooling system for your Pittsburgh home, we cannot legally suggest any financial scheme for doing so. We can, however, recommend that you seek out an area tax professional. He or she can advise you on how best to take advantage of geothermal tax credits taking into account your singular financial situation. If you’d like to discover 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 one-of-a-kind resource that offers state-by-state facts on thousands of policies and incentives designed to advance renewable energy and energy efficiency. And remember: When you finally decide to install a geothermal heating and cooling system in your home, depend on the Pittsburgh geothermal professionals at E & D Company HVAC LLC. We’ll get the job done right – to help you start saving both energy and money right from the start.