Home and commercial building owners who install geothermal heating and cooling equipment are now eligible for federal tax credits, officials with WaterFurnace International announced.
The credits were included in
the Energy Improvement and Extension Act, passed by Congress Oct. 3 as part of a
package of economic stimulus bills designed to keep the nation’s economy from
falling into a deep recession.
“By passing this important piece of
legislation, Congress is encouraging the growth of renewable energy and the
small businesses across the country that support it,” said Phil Albertson,
WaterFurnace International ’s vice president of sales and marketing.
WaterFurnace is a maker of geothermal HVAC systems.
“WaterFurnace dealers are excited
about these tax incentives and the positive impact it will have on their
business as geothermal systems become increasingly more attractive to both home
and commercial building owners.”
For homeowners, the systems must
meet EnergyStar requirements and have been installed after Dec. 31, 2007. For
commercial buildings, the effective date was Oct. 3, 2008.
chairman, Tim Shields, said the geothermal portion of the bill was also good for
U.S. homeowners and companies.
“We believe this incentive will
encourage many more homeowners and business owners to install geothermal heat
pumps,” Shields said. “Geothermal heat pumps are made right here in the U.S. and
the machines used to put the renewable heat exchangers in the earth are all made
right here. Every system installed requires skilled US labor and more
installations mean more jobs. This is truly a homegrown solution to the energy
crisis and a very good way to address the financial crisis at the same time. The
systems were already growing in popularity, but this stimulus will help us have
the impact on the economy and the environment much more quickly.”
Geothermal qualifies for tax credits under new law
October 20, 2008