Geothermal Tax Credits for Mobile Residents

Looking to save big time 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, approved 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 pays back 30% of pre-identified expenditures for systems placed in service between now and December 31, 2019.
  • A measured step-down in credit value is set up for each year thereafter, so if you’d like the initial 30% credit, you’ll have to take action right away.
  • Retrofit systems are regarded as “placed in service” when they’re totally installed and ready for use.
  • Systems for newly constru|ere]36]cted or newly renovated homes are regarded as “placed in service” on the date you, the homeowner, take occupancy of the home.
  • The home doesn’t have to be your chief residence.
  • Your geothermal heat pump is required to satisfy federal ENERGY STAR criteria.
  • To receive the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695.

For further details, take a look at our blog as well as this WaterFurnace®-generated piece, Understanding the Federal Incentives for Geothermal Heat Pumps.

Though we at Geothermal Solutions would love to see you install a geothermal heating and cooling system for your Mobile home, we cannot legally endorse any financial tactics for doing so. We can, however, recommend that you employ the services of a nearby tax professional. He or she can counsel you on how best to capitalize on geothermal tax credits given your unique financial situation.

If you’re eager to discover 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’ll give you state-by-state data on heaps 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, turn to the Mobile geothermal specialists at Geothermal Solutions. We’ll do the job right – to help you start saving both energy and money right from the start.