SPRINGFIELD, Ill. — The Geothermal Exchange Organization (GEO) is currently working in Washington, District of Columbia, and across the country, advocating public policies to help grow the residential and commercial markets for geothermal heat pumps (GHPs).
GEO’s top priority during 2016 will be convincing the nation’s leaders to extend the income tax credits for residential (IRS Sec. 25D) and commercial (IRS Sec. 48[a]) GHPs that are set to expire at the end of the year.
“Since the tax credits were instituted in 2008, they really haven’t had a proper chance to achieve their goal of expanding the market for GHPs. The credits were in full swing right when the Great Recession took the steam out of our economy and sent new home and commercial builders into a tailspin,” said Doug Dougherty, president, GEO. “With our economy on the mend, an extension will give the tax credits a chance to do the job they were intended to do.”
“As the GEO board and staff work the halls of Washington, it’s important to convey the energy efficiency and economy of GHPs to members of the Senate Finance and House Ways and Means committees,” said Steve Smith, GEO chairman. “One of the best ways to impress the value of our technology is by showing them descriptions, articles, and case studies of a variety of GHP projects from every state.”
Therefore, GEO is asking everyone in the industry to send information about their best geothermal installations of all types. The organization is accepting submissions via email at info@geoexchange.org.
As 2016 unfolds, GEO will also turn to the grassroots geothermal community for support of its efforts in Washington on behalf of the entire industry. “Expect to hear from GEO during the year as we close in on a legislative vehicle to extend the tax credits,” said Dougherty. “We will be broadcasting timely and vital information to all of you in the months ahead, asking your help in strategically contacting your local senators and representatives in support of specific legislation to extend the tax credits.”
Publication date: 2/15/2016
Want more HVAC industry news and information? Join The NEWS on Facebook, Twitter, and LinkedIn today!
