Articles Tagged with ''tax credits''

For those looking to take energy conservation to the next level, many contractors are encouraging the installation of a combination geothermal heat pump and solar energy system.

National New Markets Fund LLC is expanding its investment in Arkansas with a $10 million New Markets Tax Credit (NMTC) allocation to help fund development of an American Tubing Arkansas (ATA) facility in Springdale, Arkansas, that will produce components used in HVAC, refrigeration, defense, and automation products.

GHPs may not often be a consumer’s first choice for heating and cooling, but many contractors remain dedicated to the technology, and they’re still finding consumers who want GHPs — even in areas where their benefits are not known as well.

The 30 percent federal tax credit for residential geothermal heating and cooling installations (as well as solar and wind) is set to expire at the end of 2016. This is an irrefutable fact, but everything else surrounding the tax credit remains in a state that is best described as limbo.

As demand and support for energy efficiency, long-term cost reductions, and other benefits provided by solar installations grow, so does concern over how solar will look after current federal tax credits expire at the end of 2016.

The tax credit has undoubtedly been a boon for both the solar and wind industries, and while some have presented benefits to letting the credits expire and go away, many more are hoping they’ll be extended and renewed.

Despite the numbers, manufacturers remain optimistic about the future and are focused on growing the market by introducing new products and educating the public on the many benefits of GHPs.

Barring an act of Congress, the 30 percent federal tax credit for residential geothermal heat pump (GHP) systems will expire at the end of 2016. The industry is worried about what that means for the future.

The tax credit — commonly referred to as 25D — offers consumers up to 30 percent on the installation of wind power, solar electric and water, and fuel cell technologies.