CHICAGO — The geothermal market is growing exponentially. According to data provided by Goncalo Costa, director of product management at Bosch Thermotechnology Corp., the market grew 8 percent in 2014. And, while the commercial side is seeing the greatest increase, the residential portion of the business is thriving, as well. Many manufacturers exhibited new products at the AHR Expo in Chicago, designed to fulfill the increasing market demand for geothermal comfort systems.
While the industry is enjoying the growth, many are focused on 2016, when the tax credits are set to expire. The existing tax credit grants a 30 percent incentive for residential projects and 10 percent for commercial projects.