Geothermal Tax Credits for Atlanta Residents

Looking for significant savings on the installation of that geothermal heating and cooling system you’ve long wanted? Well, this could be your opportunity!

The Bipartisan Budget Act of 2018, signed 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 offsets 30% of designated expenditures for systems placed in service between now and December 31, 2019.
  • A progressive step-down in credit value is scheduled for each successive year, so if you want the initial 30% credit, you’ll have to act right away.
  • Retrofit systems are counted as “placed in service” when they’re totally installed and ready for use.
  • Systems for newly built or newly renovated homes are accepted as “placed in service” on the day you, the homeowner, first occupy the home.
  • It’s not necessary that this home be your principal place of residence.
  • Your geothermal heat pump must fulfill all federal ENERGY STAR specifications.
  • To receive the Residential Energy Efficient Property Credit, you’ll need to finish and file IRS Form 5695.

For more specifics, see our blog.

While it’s certainly true that we at EcoMech would be happy to see you get a geothermal heating and cooling system for your Atlanta home, we cannot legally suggest any financial plan for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can educate you on how best to profit from geothermal tax credits considering your specific financial situation.

If you want to learn more about what other energy-related tax incentives might apply to you at the federal, state, and local levels, go to dsireusa.org. This is a unique resource that offers state-by-state facts on literally thousands of policies and incentives designed to stimulate  renewable energy and energy efficiency.

And remember: When you’re ready to install a geothermal heating and cooling system in your home, head on over to the Atlanta geothermal experts at EcoMech. We’ll do the job right – to help you start saving both energy and money right from the start.