Geothermal Tax Credits for Denver Residents Looking to save big bucks on the installation of that geothermal heating and cooling system you’ve always longed for? 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. Pertaining to the latter: This credit remains in effect from now through December 31, 2021.It pays back 30% of specified expenditures for systems placed in service between now and December 31, 2019. A measured step-down in credit value is scheduled for each subsequent year, so if you want the complete 30% credit, you’ll have to move quickly.Retrofit systems are regarded as “placed in service” when they’re fully installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are accounted “placed in service” on the date you, the homeowner, first occupy the home.The home needn’t be your main residence. Your geothermal heat pump must fulfill all federal ENERGY STAR criteria.To get the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695. For additional information, see our blog as well as this WaterFurnace®-produced bulletin, Understanding the Federal Incentives for Geothermal Heat Pumps. Though it’s a given that we at WaterFurnace would be thrilled to see you get a geothermal heating and cooling system for your Denver home, we cannot legally endorse any financial strategy for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can instruct you on how best to take advantage of geothermal tax credits given your unique financial situation. If you’d like to find out more about what other energy-related tax incentives might be available to you at the federal, state, and local levels, visit dsireusa.org. This is an unusual resource that has state-by-state facts on heaps of policies and incentives designed to stimulate renewable energy and energy efficiency. And don’t forget: When you finally decide on installing a geothermal heating and cooling system in your home, see the Denver geothermal specialists at WaterFurnace . We’ll do the job right – to help you start saving both energy and money right from the start.