Saturday, June 27, 2015

NY State Tax Incentives to Heat and Cool Homes Efficiently using Geothermal Heat Pumps

Geothermal heat pumps use the constant below-ground temperature to heat and cool homes.
Geothermal heat pumps provide a clean and efficient way to heat homes and buildings in winter and cool them in summer. Importantly, they also have much lower operating costs as compared to furnaces, electric heaters and air conditioners -- save energy and save money!

The potential for widespread adoption of geothermal heat pumps in New York was recently boosted by the passage of bills in the State Senate and Assembly.
  • Senate Bill S2905 and Assembly Bill A2177a establish a 25% tax credit (up to $5000) for the purchase and installation of geothermal energy systems.
  • Senate Bill S4279 and Assembly Bill A5508 provide a tax exemption for the sale and installation of residential and commercial geothermal heat pump systems equipment.
Final approval of these important pieces of legislation is now in the hands of Governor Andrew Cuomo. 

Assemblyman Sean Ryan and Senator Robert Ortt will hold a press conference (Tuesday, June 30th,  12:30PM at 10 Winter St., Buffalo - Map) to call on Governor Cuomo to sign the bills in to law.

TAKE ACTION: Call Governor Cuomo's office urging him to sign into law these important bills that will make geothermal heat pumps more affordable, and will lead to lower energy usage and lower energy bills.
Call 518-474-8390 -- You'll hear a recording: Press 2 to leave your message, or press 3 to speak with a person.

For a detailed description and video on how geothermal heat pumps work, visit the U.S. Dept. of Energy website.

A short description of how the heat pumps work along with a hat tip to the NY legislation is provided in a recent Letter to the Editor of The Buffalo News:
Cuomo could make NY a leader in geothermal energy

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