We scored a big victory in the Geothermal industry when the House and Senate agreed to extend tax credits for geothermal technologies. The President signed the bill last Friday which put to rest an issue the IAEC and NRECA have been lobbying hard on for the past two years.
- The tax credit will be retroactive to geothermal installations that took place on or after Jan. 1, 2017
- The credits will expire on Jan. 1, 2022 (SAME expiration as solar)
- The Federal credit is worth 30 percent of the cost of the system
- The State of Iowa's credit will go back to being worth 20 percent of the Federal amount of the credit