Geothermal Tax Credits for Georgetown County Residents

Looking to save a ton of money on the installation of that geothermal heating and cooling system you’ve always fancied? Well, this could be your chance!

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. As far as the latter are concerned:

  • This credit will be in effect from now through December 31, 2021.
  • It pays back 30% of approved expenditures for systems placed in service between now and December 31, 2019.
  • A measured decrease in credit value is set up for each year thereafter, so if you want the initial 30% credit, you’ll have to take action 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 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 primary place of residence.
  • Your geothermal heat pump must comply with federal ENERGY STAR criteria.
  • To receive the Residential Energy Efficient Property Credit, you must complete and file IRS Form 5695.

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

Even though we at Waccamaw Heating & Cooling would love to see you get a geothermal heating and cooling system for your Georgetown County home, we cannot legally endorse any financial plan for doing so. We can, however, recommend that you meet with a local tax professional. He or she can educate you on how best to profit from geothermal tax credits considering your singular financial situation.

If you’d like to find out 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’ll give you state-by-state intelligence on thousands of policies and incentives designed to advance  renewable energy and energy efficiency.

And remember: When you’ve committed yourself to install a geothermal heating and cooling system in your home, see the Georgetown County geothermal specialists at Waccamaw Heating & Cooling. We’ll do the job right – to help you start saving both energy and money right from the start.