WASHINGTON — The Geothermal Exchange Organization (GEO) has formally asked the U.S. House of Representatives Ways and Means Committee to recommend extending federal tax credits for residential and commercial geothermal heat pump (GHP) installations beyond their Dec. 31, 2016 expiration date.
GEO is seeking to have the credits extended through 2020.
“Recognizing the important and potentially far-reaching economic and environmental benefits of GHPs, and to assist broader and more rapid deployment by helping to overcome the first cost barrier, Congress amended the Internal Revenue Service (IRS) Code in 2008 with tax credits for residential and commercial GHP installations,” said Doug Dougherty, president and CEO, GEO.
“The federal tax credits helped the GHP industry maintain sales during the recent tough recession and its aftermath for the housing industry, and would go far in helping GHPs win greater market share as new development and construction ensue with a reviving economy. While the tax credits enhanced GHP sales, their benefits accrued to building owners and the nation as a whole with the renewable energy they produce; energy cost savings; flattening of electric utility load patterns; and reduction of pollution from the burning of fossil fuels.”
Publication date: 4/29/2013