Unleash the Power of the 2023 Inflation Reduction Act's Geothermal Tax Credit – Up to $1,000,000 in Savings for Your Next Project!
As expected, the financial incentives included in the Inflation Reduction Act (IRA) are driving interest for geothermal projects across our industry. Our handy and informative brochure, Federal Tax Incentives For Commercial Geothermal Heat Pumps, has new updates you won’t want to miss.
The tax incentives brochure has been updated to reflect the IRA’s Energy Communities, updated language for the 30% investment tax credit, and 10% domestic content, along with three new examples of tax incentive savings.
For the ultimate in efficiency and reliability, choose a geothermal heat pump (GHP) system for your commercial building. Geothermal heat pumps (also called ground source heat pumps) work very much like water source heat pumps except they exchange heat with the earth. Thanks to near-constant underground temperatures, GHPs aren't subject to efficiency fluctuations that air source systems experience. They maintain their efficiencies 24 hours a day, 7 days a week, 365 days a year.
Environmentally friendly
The Environmental Protection Agency and the Department of Energy have called geothermal heat pumps the most energy efficient, cost effective way to heat and cool our buildings. That's because they don't burn expensive fossil fuels to generate heat. Instead they collect and move it. Geothermal heat pumps are classified as renewable energy technology by the federal government along with many state and municipal governments.
Flexible
Geothermal heat pumps come in many different configurations to suit your building needs. The underground piping can be hidden under parking lots, beneath the building, or in a pond. Here are the different loops types for a geothermal system.
Better Aesthetics
Because the system exchanges heat with the ground instead of the outdoor air, there are usually no outdoor components to clutter the aesthetics of your building. This means less noise, no smells or fumes, and no performance degradation from dirt and debris.