The U.S geothermal industry saw the light of a shiny future with a solid victory for their employees, seeing a revision in the federal tax credits for its commercial and residential installations. The inequality created two years ago had created significant distress in the market, but the Congress’ current decision to reinstate geothermal tax credits have been a game changer that safeguard the industry’s future as a whole, all the way up to 2021.
GEO Members and coalition partners including the National Rural Electric Cooperative Association, the Association of Homebuilders, the Hydrogen and Fuel Cell Association and the American Gas Association, lobbied relentlessly in Washington since early 2017, to reinstate and extend 30% federal tax credits for residential geothermal heat pump (GHP) installations, and 10% credits for commercial jobs.The battle over the last couple of years had been an uphill one, and legislators working tirelessly finally breathe a sigh of relief when the new bill passed listed out how all commercial projects would be listed under the tax credit system of the of commencement rather than the year it would be put into service. This not only works in the favor of the industry but on a global scale, reinstating the use and promoting the ecological benefit of using geothermal systems extensively.
The installations of geothermal […]