Credit provides 25 percent up to $5,000 for GHP installations
July 11, 2016
Geothermal heat energy is part of Assembly Bill 10342 — the New York State Climate & Community Protection Act, which would cut greenhouse gases by 100 percent by 2050 with an interim goal of 50 percent by 2030. The legislation promotes renewable energy, including GHPs.
The geothermal industry is acutely aware that government-issued commercial and residential tax credits are set to expire at the end of 2016. Currently, geothermal heat pumps in commercial applications are eligible for a 10 percent income tax credit, and residential applications may receive up to a 30 percent incentive.
If one renewable energy gets its tax credit extended, they all should. Let the customers decide what works for them. If you are selling geothermal products, it might be a good time to contact your representatives.
The 30 percent federal tax credit for residential geothermal heating and cooling installations (as well as solar and wind) is set to expire at the end of 2016. This is an irrefutable fact, but everything else surrounding the tax credit remains in a state that is best described as limbo.
While it’s true geothermal heat pumps do offer excellent opportunities in combination with low-temperature hydronic distribution systems, they are not the only viable way to combine the heat-leveraging ability of heat pumps with the unsurpassed comfort offered by modern hydronic distribution systems.
“We aren’t green, we’re gold.” That was the message being sent from speakers and trainers at the 2012 International Ground Source Heat Pump Association’s (IGSHPA’s) technical conference and expo. What else happened at the conference?