YES! There is great news in store for the geothermal heat pump industry.
Whether you were for or against the signing of this $700 billion bail out bill, it's happened, and here's how it's going to affect the geothermal heat pump industry:
The Homeowner:
A residential tax credit of up to $2000 per household, through the year 2016, is available.
Buildings and Businesses:
The Emergency Economic Stabilization Act provides a new 10% investment tax credit for commercial geothermal heat pumps.
In addition to the new tax credits, geothermal heat pumps are now classified under federal renewable energy provisions with solar, wind, and others. This will have long-term implications for the industry. Why? $18 billion of tax incentives for investment in renewable energy, carbon capture and sequestration demonstration projects, energy efficiency and conservation has been earmarked.
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