Articles Tagged with ''geothermal tax credits''

The bill significantly reduces the cost of a geothermal installation, spurs job creation, and hopes to inspire more contractors to tap into the geothermal market.

With the geothermal market enjoying an enormous surge in popularity due to financial incentives and its reputation for sustainability, now is the time for contractors to strike while the iron is hot and add geothermal to their offerings.

Decarbonization and electrification, the refrigerant transition, and incentives were big topics among geothermal companies at the AHR Expo. Consumer education and ease of product serviceability were also discussed.

Kyle Gargaro, editorial director, The ACHR NEWS, traveled to Oklahoma City to talk with Climate Control Group COO Kevin McNamara about the state of the geothermal industry.

The Inflation Reduction Act’s major incentive for the installation of a qualified geothermal system is a 30% federal clean energy credit, which can be used at filing time to offset taxes owed or add to any refund.

As network geothermal systems break ground in record numbers, the HVAC contractors responsible for installing and maintaining these systems are met with ample business opportunities.

Since President Joe Biden invoked the DPA back in June 2022, HVAC-related energy efficiency incentives and renewable energy technology, have made their way into the spotlight. Many of those who work in the geothermal industry have been “waiting for this day” for decades.

HVAC contractors should be prepared to sell geothermal to new customers regardless of any incentives.

Geothermal energy can be used to heat and cool commercial buildings. The highly efficient systems that make this possible are geothermal heat pumps.