- The Inflation Reduction Act provides consumers with rebates and tax credits towards energy-efficient purchases
- Homeowners will be able to claim as much as $14,000 per household, with the largest credits destined towards the purchase of heat pumps
- GeoSolar Technologies is a key supplier of heat pumps to North American households as part of its revolutionary SmartGreen(TM) Home solution
- Its renewable energy systems enable households to lower both, their carbon footprint as well as their utility bill outlay
Starting January 1st, 2023, going green could be the most cost-effective option for you. The recently passed Inflation Reduction Act provides consumers and homeowners with a host of rebates and tax credits towards energy-efficient purchases, such as appliances, electric vehicles and solar panels. In fact, homeowners could be eligible for rebates amounting to as much as $14,000 for the purchase of energy-efficient items, with the largest credits and rebates available for heat pumps, a high-efficiency system that heats and cools homes in place of conventional furnaces or air conditioners (https://ibn.fm/fRyVL).
“While the upfront cost for a heat pump may be higher, these incentives will definitely help. And over the long term, you might save money depending upon where you live and what fuel and electricity cost in your area,” said Paul Hope from Consumer Reports.
Heat pumps form an integral part of the technology offered by GeoSolar Technologies (“GST”), a Colorado-based climate technology company pioneering an approach into clean energy solutions for households. GeoSolar Technologies have sought to build upon the growing move towards renewable energy adoption thorough a multi-pronged approach which looks to electrify homes using green energy sources. From solar panels on roofs, through to geothermal heat pumps which take advantage of the warmth of the earth’s core and advanced CERV 2 air purification systems designed to manage indoor air quality in an efficient and intelligent manner, GeoSolar’s proprietary SmartGreen(TM) Home solution has been designed to dramatically increase the energy efficiency of a conventional household.
Moreover, the technology voids the need for households to depend on conventional utilities or pay utility bills. In fact, a study carried out by the company found that a traditional utility-powered home would possess a carbon footprint of upwards of 8 tons of CO2/year whilst paying annual utility bills of $2,700; in contrast, a GeoSolar-powered home would result in a negligible carbon footprint whilst disbursing less than $100 per annum in utility bills (https://ibn.fm/bCADL).
The adoption of renewable energy systems, such as household solar panel systems, has been relatively lackluster in recent years despite their longer-term economic benefits – largely due to their elevated upfront costs. A residential solar power system can cost anywhere between $3,500 to $16,000, with the wide range a factor of the system being installed as well as the type of panels being utilized (https://ibn.fm/XpZvw).
A key provision contained within the Inflation Reduction Act includes the long-term extension of the investment tax credit, a subsidy which has been instrumental in launching the US solar industry as we know it today. The bill calls for a 10-year extension of subsidies in the form of tax credits valued at 30% of the cost of the installed equipment, which will then step down to 26% in 2033 and 22% in 2034. Moreover, the tax credit also applies to residential adopters of solar technology; in effect, the 30% credit will retroactively apply to anyone who installed their system dating back to the beginning of 2022.
The act has already started to have a dramatic effect, both on solar energy installations as well as the adoption of green energy home solutions, such as the ones offered by GeoSolar Technologies. Solar accounted for 45% of all new electricity-generating capacity added to the US grid through the third quarter of 2022, more than any other electricity source (https://ibn.fm/Ojm08).
“With long-term incentives for clean energy deployment and manufacturing, the solar and storage industry is ready to create hundreds of thousands of new jobs and get to work building out the next era of American energy leadership. This is a crucial window of opportunity that we cannot miss,” stated Abigail Ross Hopper, president of the Solar Energy Industries Association (https://ibn.fm/gl0QB).
For more information, visit the company’s website at www.GeoSolarPlus.com.
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://ibn.fm/GST
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