Geothermal Tax Credits for Utah Residents Looking to save lots of cash on the installation of that geothermal heating and cooling system you’ve always longed for? Well, this could be the time! 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 applies from now through December 31, 2021.It covers 30% of approved expenditures for systems placed in service between now and December 31, 2019. A gradual reduction in credit value is set up for each year thereafter, so if you’d like the complete 30% credit, you’ll have to move right away.Retrofit systems are accounted “placed in service” when they’re fully installed and ready for use. Systems for newly constru|ere]36]cted or newly renovated homes are judged “placed in service” on the date you, the homeowner, first inhabit the home.It’s not required that this home be your main residence. Your geothermal heat pump must satisfy federal ENERGY STAR recommendations.To claim the Residential Energy Efficient Property Credit, you’ll have to finish and file IRS Form 5695. For more specifics, take a look at our blog as well as this WaterFurnace®-generated bulletin, Understanding the Federal Incentives for Geothermal Heat Pumps. Even though we at Utah Geothermal would be delighted to see you purchase a geothermal heating and cooling system for your Utah home, we cannot legally prescribe any financial plan for doing so. We can, however, recommend that you seek the services of a local tax professional. He or she can direct you on how best to take advantage of geothermal tax credits considering your individual financial situation. If you’re eager to learn 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 an unusual resource that has state-by-state data on heaps of policies and incentives promoting renewable energy and energy efficiency. And keep in mind: When you’ve committed yourself to install a geothermal heating and cooling system in your home, see the Utah geothermal experts at Utah Geothermal. We’ll do the job right – to help you start saving both energy and money right from the start.