Geothermal Tax Credits for Columbus, Ohio Residents

Looking for considerable savings 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, ratified in February 2018, reinstates the Residential Energy Efficient Property Credit for fuel cells, small wind systems … and geothermal heat pumps. Regarding the latter:

  • This credit will stay in effect from now through December 31, 2021.
  • It rebates 30% of specified expenditures for systems placed in service between now and December 31, 2019.
  • A progressive decrease in credit value is set up for each year thereafter, so if you want the initial 30% credit, you’ll have to move right away.
  • Retrofit systems are accounted “placed in service” when they’re completely installed and ready for use.
  • Systems for newly constru|ere]36]cted or newly renovated homes are regarded as “placed in service” on the day you, the homeowner, take occupancy of the home.
  • It’s not a requirement that this home be your chief residence.
  • Your geothermal heat pump has to comply with federal ENERGY STAR recommendations.
  • To receive the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695.

For more specifics, read our blog as well as this WaterFurnace®-developed circular, Understanding the Federal Incentives for Geothermal Heat Pumps.

While we at Geo Source One Inc. would like to see you purchase a geothermal heating and cooling system for your Columbus, Ohio home, we cannot legally lend our approval to any financial plan for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can direct you on how best to profit from geothermal tax credits given your particular financial situation.

If you want 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 facts on thousands of policies and incentives designed to stimulate  renewable energy and energy efficiency.

And remember: When you finally decide to install a geothermal heating and cooling system in your home, call on the Columbus, Ohio geothermal specialists at Geo Source One Inc.. We’ll do the job right – to help you start saving both energy and money right from the start.