Senate Passes Geothermal Tax Incentive Extension
8/18/2022
From our friends at the GeoExchange Organization...
August 7, 2022 – Moments ago, the United States Senate passed groundbreaking legislation containing key provisions for the geothermal heat pump industry. Taken in its entirety, the package represents the farthest reaching climate action the U. S. Congress has ever pursued. If enacted, the bill will inject billions of dollars into the economy for a range of clean energy industries. Thanks to the hard work of the Geothermal Exchange
Organization, geothermal heat pumps have been granted significant incentives and long-term support at the federal level. Hundreds of meetings with Congressional offices in recent years have culminated in broad bi-partisan recognition of the positive impacts of GHPs and the geo industry. GeoExchange and its partners on the Hill worked diligently to push for strong action before the mid-term elections.
The bill will extend residential and commercial geothermal tax credits for more than ten years, give geothermal equal footing with solar on commercial projects, allow for direct payments to non-profits for installations, and more.
The House of Representatives is expected to quickly reconvene and pass the bill, sending it to President Biden for signature in coming days.
