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What Rocks and What's Not So Hot: U.S. Industry Perception of Geothermal Tax Credits

Journal Article · · GeoOutlook
OSTI ID:3029858
 [1];  [1];  [1];  [1];  [1]
  1. National Laboratory of the Rockies, Golden, CO (United States)
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Nationwide, four U.S. federal tax credits promote the adoption of geothermal heat pumps (GHPs) and geothermal power plants and were recently updated with enactment of the Inflation Reduction Act (IRA).1 However, uptake of these geothermal tax credits has lagged behind other eligible technologies.2 With the support of the U.S. Department of Energy (DOE)'s Geother- mal Technologies Office, researchers at the National Renewable Energy Laboratory (NREL) engaged with the geothermal industry to determine: 1) how the industry will use the tax credits, 2) remaining challenges to utilizing tax credits, and 3) suggestions on solutions that could help accelerate tax credit uptake. Insights were obtained through two industry question- naires (59 responses)3 and 21 interviews with representatives from geothermal industry groups, project developers, com- ponent manufacturers, and financiers, as shown in Figures 1 and 2. This article synthesizes the industry's perception of these tax credits, i.e., Section 25D (residential GHP), Section 48 (commer- cial GHP), Section 48E (investment tax credit [ITC] for electricity), and Section 45Y (production tax credit [PTC] for electricity).
Research Organization:
National Laboratory of the Rockies (NLR), Golden, CO (United States)
Sponsoring Organization:
USDOE National Laboratory of the Rockies (NLR)
DOE Contract Number:
AC36-08GO28308;
OSTI ID:
3029858
Report Number(s):
NLR/JA-7A40-95424
Journal Information:
GeoOutlook, Journal Name: GeoOutlook Journal Issue: 2 Vol. 19
Country of Publication:
United States
Language:
English

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Related Subjects

15 GEOTHERMAL ENERGY
geothermal
geothermal electric
geothermal energy
geothermal heat pumps
geothermal power plants
GHP
GHPs
tax credits