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.
WaterFurnace’s board 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 U.S. 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 earns tax credits under new law
December 1, 2008