The Inflation Reduction Act of 2022 will have huge implications for geothermal drilling and HVAC, and the contractors installing these systems. On-again, off-again tax incentives for geothermal and other low- or no-carbon options have broadened and now stretch as far as 2034. That offers some amount of dependability that you can get a return on investments in geothermal.
To make sense of it all, we spoke to Jeff Hammond, executive director of the International Ground Source Heat Pump Association (IGSHPA). The group brings together professionals across the geothermal industry to share training and best practices. It hosts a convention this December in Las Vegas, coinciding with the National Ground Water Association’s Groundwater Week event.
“Drillers, especially, they have millions of dollars of capital equipment,” Hammond says. “This gives us some certainty with incentives through 2034. That way, when you invest in geothermal — especially if you’re buying drill rigs or hiring new people, you know it’s something that’s going to be consistent.”
This episode covers topics like:
- IGSHPA’s 2022 convention
- Groundwater Week 2022
- The Inflation Reduction Act and what it means for geothermal and other drilling trades
- How geothermal compares to, compliments solar and wind
- New York’s ambitious 1M heat pumps by 2030 goal
- Increasing U.S. acceptance of geothermal
Check out today’s episode to hear more. Watch the video here or listen to the audio version of our conversation at www.thedriller.com/insite-podcast. You can also find our show on Apple Podcasts. Search for Drilling In-Site, then hit Subscribe.
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