Government Spending Bill Excludes Investment Tax Credit for Geothermal
Expiration of these credits impacts both the residential and commercial markets
SPRINGFIELD, Ill.— 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.
“Geothermal heat pump technology is a critical component for meeting energy efficiency and environmental goals in the U.S.,” said Doug Dougherty, President and CEO of GEO. “In addition, the industry supports tens of thousands American workers with well-paid manufacturing and installation jobs. Inaction by Congress has put the once bright future of our industry in grave jeopardy.”