Oklahoma geothermal group lobbies to reinstate tax credit

OKLAHOMA CITY – The Geothermal Exchange Organization is lobbying to reinstate a tax credit for homeowners after geothermal companies saw a decline in residential customers last year.

The Journal Record reports the 30 percent federal tax credit was available to people who purchased an Energy Star geothermal pump from 2008 to 2016. It allowed homeowners to recoup the cost within three to five years.

Now, the Geothermal Exchange Organization is seeking to pass the Technologies for Energy Security Act of 2017 that would reinstate a tax credit of either 26 percent or 22 percent for products until 2021. The credit would apply to fuel cells, the small wind energy industry, and geothermal heat pumps.