Articles Tagged with ''tax credits''

The Geothermal Exchange Organization (GEO) announced that it is actively supporting “tax extenders bills” that are now under consideration by the U.S. House of Representatives and in the U.S. Senate. The bills would reinstate and extend several tax incentives for geothermal heat pumps that expired last year.

Optimism remains high that the federal government will extend existing tax credits beyond 2016, and local utilities and state governments will start (or continue) offering incentives to encourage homeowners to invest in GHPs.

Carrier was recently allocated a $5.1 million Qualifying Advanced Energy Project tax credit (Project Credit) to expand production at its Indianapolis facility to meet increasing demand for its high-efficiency gas furnace line.

Though industry leaders agree that the provisions will probably be renewed, it may not happen for a while, which would again leave some manufacturers, distributors, and contractors in limbo.

With just three years left to encourage homeowners to invest in geothermal advances, manufacturers are pulling out all the stops by introducing new features on their GHPs, such as variable-speed technology and sophisticated controls, which they say will provide homeowners with better comfort, as well as lower energy consumption and operating costs.

The Departments of Energy and the Treasury recently announced they will be reallocating more than $150 million in tax credits for investments in manufacturing facilities for clean-energy technologies in Phase II of the 48C Advanced Manufacturing Tax Credit.