The Geothermal Exchange Organization (GEO) recently reported a legislative victory for its segment of the industry. On Nov. 18, President Obama signed into law an appropriations bill which included $1 million for on-bill financing of geothermal systems for small businesses.
According to Doug Dougherty, GEO president and CEO, the new law is a “door opener” because it is intended to reduce the upfront cost of installing a geothermal system, which has been a barrier to the widespread usage of this technology. Although the law only requisitions $1 million for this purpose, Dougherty hopes that this will be enough money to launch a successful pilot program.