The geothermal heat pump industry and several other clean energy technology industries are a step closer to saving thousands of jobs with the reintroduction of tax credit legislation by Reps. Tom Reed R-N.Y., Mike Thompson D-Calif., and 18 additional cosponsors (12 Republicans and 6 Democrats).
While organizations lobbied Congress for an extension like the ones given to photovoltaic (PV) and solar thermal technologies, the U.S. House of Representatives chose not to extend the tax credits for the geothermal market.
Global sales of heat pumps is estimated to be valued at $6.5 billion by the end of 2016, witnessing a year-over-year growth of 5.8 percent over 2015, according to a new report from Future Market Insights.
The two-day event, which focused on helping dealers strengthen and grow their businesses, featured presentations on WaterFurnace products, marketing tools, training, financing, and more. Attendees also heard updates from the Geothermal Exchange Organization (GEO) and the International Ground Source Heat Pump Association (IGSHPA) regarding the geothermal tax credits.
This system demonstrates how modern hydronics technology can be used to harmonize the operation of two high-efficiency heat sources — one renewable and the other conventional.
Up until recently, sales of air-source heat pumps were on a tear, growing from 1.6 million units in 2009 to 2.3 million units in 2014, according to the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). But, in 2015, sales of heat pumps slipped 3.6 percent from the previous year.