The move is a reaction to rising refrigerant and overall logistical costs, and the increases will take effect Jan. 1, 2024, a press release from WaterFurnace said.
In Beaver County, Utah, a 38-megawatt power plant surrounded by bubbling mud pools and hissing steam vents has generated electricity for nearly 40 years using underground hot-water reservoirs. Most of America’s existing geothermal plants operate in similar ways: by tapping into heat sources that lie relatively close to the surface.
The Inflation Reduction Act’s major incentive for the installation of a qualified geothermal system is a 30% federal clean energy credit, which can be used at filing time to offset taxes owed or add to any refund.