With the geothermal market enjoying an enormous surge in popularity due to financial incentives and its reputation for sustainability, now is the time for contractors to strike while the iron is hot and add geothermal to their offerings.
Decarbonization and electrification, the refrigerant transition, and incentives were big topics among geothermal companies at the AHR Expo. Consumer education and ease of product serviceability were also discussed.
As Rochester city leaders set the ambitious goal of reducing greenhouse gas emissions by 50% by 2030 and 100% by 2050, the challenge is now how to follow through.
Slideshow: Executives highlight geothermal tax incentives as a demand driver, spurring the company to invest in more manufacturing capacity and research
The move is a reaction to rising refrigerant and overall logistical costs, and the increases will take effect Jan. 1, 2024, a press release from WaterFurnace said.
The Inflation Reduction Act’s major incentive for the installation of a qualified geothermal system is a 30% federal clean energy credit, which can be used at filing time to offset taxes owed or add to any refund.
Duluth is one of 11 communities in 10 states that were selected to design, with DOE financial support, geothermal district heating and cooling systems.
Prompted by energy-savings and carbon-reduction goals and helped by technological advances, building owners and managers are increasingly asking for sustainable buildings with high-efficiency HVAC systems.
As network geothermal systems break ground in record numbers, the HVAC contractors responsible for installing and maintaining these systems are met with ample business opportunities.