Reinstated Federal Tax Credits Positive News For US Geothermal Industry
Recently ACHR News sat down with Doug Dougherty, President and CEO of the Geothermal Exchange Organization. His organization was at the forefront in an effort lobby the US Government to reinstate federal geothermal tax credits that expired in 2016.
In the interview, Dougherty shares his enthusiasm for the tax credits, which reinstate a 30 percent income tax credit for a residential installation of a geothermal heat pump and makes it retroactive to Jan. 1, 2017. A similar 10 percent tax credit is also extended to commercial installations. All tax credits are retroactive to 2016.
Doug sees bright prospects for the geothermal industry and is encouraged by the direction the industry is moving in:
"I think the third-party monetization of the ground source heat exchanger is what will move the market."