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The Stimulus Bill signed into law by the President on February 17th has many provisions that recognize the important contribution that the geothermal heat pump industry can make to the nation's economic recovery. Here is a partial list of the bill’s key elements:
Geothermal heat pump systems for residential applications (new, retrofit, primary, and non-primary residences) receive a 30% tax credit starting January 1, 2009 through December 31, 2016. (The $2,000 limit for the 2008 tax credit has been removed for 2009 and later years.)
Federal facilities and military installations will receive billions for energy upgrades, and geothermal heat pumps will be an important component of those upgrades.
Each state will receive an average of $100 million to upgrade energy efficiency in the state, the uses for that money to be determined by each state, and geothermal rebates and loans are a good use of those funds.
Schools with receive billions for modernizing and improving energy efficiency, another very good fit for geothermal.
All commercial and private buildings are eligible for a 10% grant in lieu of tax credit for the total cost of installing geothermal systems, the check to be written from the government to the building owner within 60 days of completion.
Results of Stimulus Provisions
The 30% residential tax credit has the effect of making geothermal systems cash flow positive at today’s energy prices in virtually every market.
The federal, state, military and school initiatives will create hundreds of large installations calling for hundreds of geothermal heat pump units each, as well as geothermal loop field work.
The commercial grants in lieu of 10% credits will make geothermal heat pumps very attractive to new and existing commercial enterprises in every market.
What You Can Do
The huge stimulus going to all 50 states will now require renewed effort on the part of our industry to tell the geothermal heat pump story in each of the 50 states to assure the most effective use of the federal energy efficiency funds they will be receiving.
The attached press release is available for your efforts to promote GSHP technology.
PRESS RELEASE
February 22, 2009
Geothermal (GeoExchange) Heat Pump Technology is Poised to Support Economic Recovery and Long-Term Energy goals
The stimulus package is intended to create and save 3.6 million jobs and jumpstart the economy with economic recovery tax cuts and targeted investments. In addition to putting money back in the pockets of consumers and businesses, the package also includes provisions that will help achieve long-term goals, such as improving energy efficiency in both the public and private sectors.
Among those provisions, the plan calls for a disbursement of $6.9 billion to state and local governments for energy efficiency upgrades and the reduction of carbon emissions, which amounts to an average of $100 million to each state.
By investing a portion of this $100 million in rebates or low interest loans to homeowners who replace their old fossil fuel or electric furnaces with geothermal heat pumps, the country would definitely make progress toward the goals of the stimulus package. States that have invested in similar programs were able to create hundreds of green collar jobs while significantly increasing energy efficiency and reducing carbon emissions.
Green Jobs. An additional state $2,000 rebate on the purchase of a geothermal heat pump – or the availability of low interest loans – could generate an additional 200 heat pump sales every month in a typical state, or 2,400 geothermal heat pump unit sales at the end of the first year. Further, every 18 heat pump installations can create one new job. By the end of the first year that means 133 new green collar jobs can be created (2,400 units divided by 18 installations per job). At $2,000 per unit, the total cost of a job creation/energy efficiency rebate program would be $4.8 million over the course of a year.
Every geothermal heat pump requires 24 hours of manufacturing labor and 32 hours of installation labor. Small businesses involved in the installation include heating and air conditioning contractors, electricians, plumbers, excavators and drilling machine operators. These businesses have the capacity and technical skills to begin installing green geothermal technology in more homes immediately.
Reduced Carbon Footprint. In addition to creating jobs, a rebate program and the ensuing installation of geothermal heat pumps would cut an average four metric tons of carbon emissions per year per unit due to the high energy efficiency of geothermal heat pump technology. This means that for the average unit life of 24.4 years, 97.6 metric tons of emissions could be eliminated over the lifetime of each unit, and 234,240 tons over the lifetime of every 2,400 units sold through a state rebate program.
A recent report published by Oak Ridge National Laboratory estimated that aggressive deployment of GHPs could achieve 35 to 40 percent of a recommended carbon reduction path for the U.S. building sector. The full report can be downloaded at ornl232.geoexchange.org
If every state takes at least five percent of the funding available through the energy efficiency portion of the stimulus package and invests it in a geothermal heat pump incentive, there couldn’t be a more cost effective, greener way to put people back to work, save fossil fuel, reduce carbon emissions and save homeowners thousands of dollars per year for the next 24 years. It’s the stimulus that keeps on stimulating.
Economic Recovery. The stimulus package funding is critical to a U.S. heating and air conditioning industry that has been hit hard by the recession. The collapse of the residential new construction market and the lack of consumer financing have slammed the industry over the past two years, and heating system sales were down to levels not seen since 1970.
Geothermal heat pumps are built by manufacturers in the United States at domestic plants in nine states, and geothermal heat pump systems are operating and saving energy in all 50 states and are being exported around the globe.
The federal government released $2.6 billion this past week for the Energy Efficiency and Conservation Block Grant Program, of which, Texas received $46 million. Dallas received $13M, Fort Worth got $6.7M, Arlington got $3.4M, Carrollton received $1.1M, and on and on. The following link will take you to a spreadsheet showing what each city and/or county in Texas received. http://www.eecbg.energy.gov/States/TX.xls
This is new money, doesn't have to get paid back and is looking for a place to get spent. With returns far superior to other renewable energy solutions, geothermal should be at the head of the line of which each of you have a stake in the success of or will soon.
This link provides more information about the program. http://www.eecbg.energy.gov/
Generally, what can these funds be used for?
These funds are to assist State, local, territorial and Tribal governments in implementing strategies to reduce fossil fuel emissions, total energy use, and improve energy efficiency in all sectors.
What geothermal specific activities are eligible for use of funds?
Funds can be used community wide, not only for government owned facilities and infrastructure. A list of eligible activities for use of program funds is provided in Section 544, Title V, Subtitle E of the Energy Independence and Security Act (EISA). Additional details on eligible activities are in the Funding Opportunity Announcement. The following activities are eligible:
Development of an Energy Efficiency and Conservation Strategy and Technical Consultant Services to assist in the development of such a strategy.
Residential and Commercial Building Energy Audits.
Financial Incentive Programs and Mechanisms for energy efficiency improvements such as energy savings performance contracting, on-bill financing, and revolving loan funds.
Grants to nonprofit organizations and governmental agencies for the purpose of performing Energy Efficiency Retrofits.
Energy Efficiency and Conservation Programs for Buildings and Facilities.
Development and Implementation of Transportation Programs to conserve energy.
Building Codes and Inspections to promote building energy efficiency.
Energy Distribution Technologies that significantly increase energy efficiency, including distributed resources, combined heat and power, and district heating and cooling systems.
Material Conservation Programs including source reduction, recycling, and recycled content procurement programs that lead to increases in energy efficiency.
Reduction and Capture of Methane and Greenhouse Gases generated by landfills or similar waste-related sources.
Energy efficient Traffic Signals and Street Lighting.
Renewable Energy Technologies on Government Buildings.
Any Other Appropriate Activity that meets the purposes of the program and is approved by DOE.
Drilling hard limestone
Drilling clay & shale