Since the tax credits went into effect in 2008, many contractors have experienced a significant boost in their geothermal businesses. And, now that the geothermal tax credits have lapsed, contractors and manufacturers are prepared to continue forward without them.
Geothermal credits are being reintroduced in the form of the Reed Bill, legislation introduced by Tom Reed, R-N.Y., Mike Thompson, D-Calif., and 18 additional cosponsors (12 Republicans and six Democrats).
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.
Expiration of these credits impacts both the residential and commercial markets
December 7, 2016
The Geothermal Exchange Organization (GEO) expressed extreme disappointment that the House stopgap spending bill to fund the U.S. government does not include an extension of the Investment Tax Credit for geothermal heat pumps. The expiration of these tax credits, which apply to a range of efficiency technologies, will threaten thousands of U.S. jobs.
Western Europe is projected to account for a value share of 40.7 percent of the market by year end
November 11, 2016
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.