Geothermal Tax Credits for WISCONSIN-MINNESOTA Residents Looking to save lots of dough on the installation of that geothermal heating and cooling system you’ve long fancied? Well, this could be your opportunity! 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 will be in effect from now through December 31, 2021.It rebates 30% of designated expenditures for systems placed in service between now and December 31, 2019. A gradual step-down in credit value is scheduled for each year following, so if you’re after the complete 30% credit, you’ll have to move swiftly.Retrofit systems are accepted as “placed in service” when they’re completely installed and ready for use. Systems for newly built or newly renovated homes are counted as “placed in service” on the day you, the homeowner, first inhabit the home.It’s not a requirement that this home be your chief residence. Your geothermal heat pump must meet federal ENERGY STAR criteria.To receive the Residential Energy Efficient Property Credit, you should fill out and file IRS Form 5695. For further details, check out our blog as well as this WaterFurnace®-produced handout, Understanding the Federal Incentives for Geothermal Heat Pumps. Though it’s obvious that we at Comfort By Design, Inc. would like to see you purchase a geothermal heating and cooling system for your WISCONSIN-MINNESOTA home, we cannot legally sanction any financial plan for doing so. We can, however, recommend that you speak with a local tax professional. He or she can direct you on how best to profit from geothermal tax credits in light of your particular financial situation. If you’re eager to find out 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 provides state-by-state intelligence on literally thousands of policies and incentives designed to stimulate renewable energy and energy efficiency. And don’t forget: When you’ve finally decided to install a geothermal heating and cooling system in your home, see the WISCONSIN-MINNESOTA geothermal professionals at Comfort By Design, Inc.. We’ll do the job right – to help you start saving both energy and money right from the start.