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S. 2314, The Geothermal Heat Pump Development Act of 2007 (5 comments ↓)
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
S. 2314 would amend the Internal Revenue Code of 1986 to make geothermal heat pump systems eligible for the energy credit and the residential energy efficient property credit.
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Trackbacks for This Bill
More Energy Options? Or Mangling the Tax Code?
Commenter Nezumi has done a little picking apart of the Pickens Plan. I would be surprised if Pickens hadn’t thought through the tax implications of his proposal in a way that some would regard as “gaming the system.” But who would b...URL: http://www.washingtonwatch.com/blog/2008/07/10/more-energy-options-or-mangling-the-tax-code/
Trackback URL: http://www.washingtonwatch.com/bills/trackback/110_SN_2314.html
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Visitor Comments
Larry Menkes
This bill is a win-win for everyone; you'd have to be a fool or an ignoranus to oppose it.
Geothermal is the most efficient way to heat or cool a structure after passive solar. Thus, it is the most fiscally responsible way to heat and cool structures. Anything other mode is wasteful by comparison.
It reduces heating and cooling costs, has no onsite greenhouse gas (GHG) emissions, eliminates non-electric fuel delivery costs and infrastructure, is virtually silent, lasts 50 years, is almost maintenance free and greatly reduces GHG contributions to global climate change. It is kind to our children who will inherit the climate and pollution problems caused by wasting energy. In the likely event of energy insufficiency, predicted by reliable sources to occur by 2014, geothermal systems will be working and providing essential heat and cooling at a reasonable cost. Homeowners are already going into foreclosure because their home energy costs are exceeding their high mortgage payments.
Nancy Carlile
An alternative could be an interest free loan that could somehow be transferred to a succeeding owner if need be. An interest free loan for $40,000 (which is the price for a 4-ton house) would be about $167/mo. over 20 years. Which is a bit more than what I pay now for natural gas, but after the 20 years I'll just be paying for electricity. The benefits of a geo-thermal heat pump also includes its availability to less accessible land holdings, like family farms and ranches that could be using the more dangerous propane. In areas that fall victim to catastrophes like earthquakes, it could provide a secure source of heating or cooling providing a source of electricity is found, it would also do away with the dangers of fire due to breaks in gas lines. It will be hard for the nation to see all those who have already had their utilities disconnected due to non-payment freeze this winter in their own homes, not to mention those who must consider the same as the price of oil skyrockets.
Margi
This is a no-brainer. The Northeast is dependant on oil to heat our homes and an air-based heat pump isn't reliable enough in this climate. Geothermal heat pumps are. We're going to need significant relief this winter from the price of oil and this is an environmentally responsible way to do it.
JOE
Was this just included in the Wall Street Bailout bill?
Dan
Yes it sure was!