ATLANTA — What a difference a year can make. At the 2018 AHR Expo, the geothermal industry was struggling without the tax credits that were being extended to the other renewable technologies — mainly solar and wind.
In February of 2018, the U.S. geothermal heat pump (GHP) industry scored a victory for its workforce and employers as federal legislation was passed to extend federal tax credits for residential and commercial installations of GHPs. The reinstated GHP tax credits were retroactive to Jan. 1, 2017, and extended to Jan. 1, 2022. The language also changes an important consideration for commercial GHP projects, making them eligible if commenced by Jan. 1, 2022, rather than placed in service by that date.