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October 22, 2008
Energy Improvement and Extension Act Grants Tax Incentives for Geothermal Systems
Chantilly, Va. – Bowman Geothermal is pleased to report that the Energy Improvement and Extension Act of 2008, passed by Congress Oct. 3 as part of the economic recovery package. As a result of this legislation, home and commercial building owners who install geothermal heating and cooling systems are now eligible for federal tax incentives.
The Energy Improvement and Extension Act offers a one-time tax credit of 30 percent of the total investment for residential ground loop or ground water geothermal heat pump installations, with a maximum credit of $2,000 for a single residence. The legislation also provides a credit of 10 percent of the total investment, with no maximum credit, for commercial system installations.
“Geothermal heating and cooling is one of the most energy efficient, environmentally clean and cost-effective systems available,” said Ron Robison, Principal with Bowman Geothermal. “By passing this important piece of legislation, Congress is encouraging the growth of renewable energy. Home and business owners across the country will now have an extra incentive to utilize geothermal technology and reduce their energy costs.”
Geothermal systems tap the energy stored below the earth’s surface and use that energy to deliver efficient heating and cooling to both residential and commercial buildings. In addition to utility, state and now federal tax incentives that enhance the affordability of geothermal systems, this cost-effective, environmentally friendly technology offers a host of benefits.
For more information about the benefits of a geothermal heating and cooling system, contact Bowman Geothermal at 703.464.1000 or visit http://www.bowmanconsulting.com/Geothermal.asp
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