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.