To balance substantial tax cuts, the draft bill eliminates or shortens scores of tax breaks, including those currently in place for geothermal heat pumps.
The geothermal heat pump industry has been buzzing about tax reform since the House Ways and Means Committee released a proposal by Chairman Dave Camp (R-MI) on Feb. 26.
The Driller attended last fall’s International Ground Source Heat Pump Association Technical Conference and Expo in Las Vegas. We did an extensive interview with the keynote speaker, Eric Corey Freed, leading up to the show, but it took us a while to nail down an interview about the group’s Accredited Driller’s Workshop.
The geothermal heat pump (GHP) industry prides itself on offering an efficient, environmentally friendly technology for satisfying the thermal loads of buildings. To do so, a GHP system relies on circulating water through pipes placed underground (either vertically or horizontally) to tap the natural heat retained by the earth.
While well intentioned, geothermal heat pump (GHP) incentives—including rebates, electricity cost reductions, tax incentives and grants from utilities and governments—can be detrimental to acceptance of the technology if steps aren’t taken to ensure successful installations.
Mr. President, thank you for re-affirming your commitment to a cleaner environment and healthy future for our children through action on climate change. While I share your goals and respect your intentions, I do not envy the challenges you face in such a complicated issue.
Geothermal heat pump (GHP) installations in Illinois got a boost recently by the state’s General Assembly, which just passed language sponsored by the Geothermal Exchange Organization (GEO).
The Geothermal Exchange Organization (GEO) has formally urged Congress to extend federal tax credits for residential and commercial geothermal heat pump (GHP) installations.