IRA Tax Implications for the Geothermal Industry
Join our Policy Leaders in the discussion on IRA Tax implications and what the IRA Provides for Geothermal Technologies.
The IRA includes extensions for the investment tax credit (ITC) and for the production tax credit (PTC). Any projects that want to take advantage of these extensions must begin construction before January 1st, 2025, unless it's for geothermal exchange systems, which have been extended to January 1st, 2035. Geo exchange systems are low temperature, shallow exchange systems that serve building heat pumps and thermal energy networks. Because of the massive push toward distributed thermal energy, or Thermal Energy Networks (TENs), disadvantaged communities will have access to clean heating, cooling & domestic hot water (DHW) with a simple utility connection.