Wyer gave a brief presentation followed by a factory tour
May 15, 2017
U.S. Rep. Trey Hollingsworth, Indiana 9th District, visited the Geo-Flo plant in Bedford, Indiana, on April 21. Discussions included the state of the geothermal heat pump industry, as well as Geo-Flo's encouragement to support H.R. Bill 1090, which would extend the tax credit for investments in energy property with construction that begins before January 1, 2022.
WaterFurnace Intl. Inc. recently held its 2017 annual sales meeting in Denver, and as you can imagine, the 30 percent residential and 10 percent commercial federal tax credits for geothermal heat pump systems that expired Dec. 31, 2016, were on everybody’s minds.
While several organizations lobbied Congress for an extension, the U.S. House of Representatives failed, again, to extend the geothermal heat pump tax credits via a stopgap spending bill signed Dec. 9, 2016.
For the past decade, those in the geothermal heating and cooling industry have benefited from two tax credits that incentivize residential and commercial geothermal installations. But both of these tax credits are four months away from expiring, and all efforts to extend them have failed thus far.
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.
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.