All across the state, New Yorkers are de-carbonizing their heating and cooling systems by switching to electric powered heat pumps. NY-GEO is here
Just In! is NY-GEO’s weekly news feed for members. NY-GEO’s calendar-year memberships are open to everyone and available for as little as $35. See more information on memberships here. Click here to see some of the work a NY-GEO membership supports. We also feature three of the top news item summaries on the NY-GEO home page every Monday.
Senate Climate Bill Includes Geo Tax Credit Increases and Extensions – The proposed US Senate Inflation Reduction Act of 2022 extends both the residential and commercial geothermal tax credits to 2032 at a 30% rate! In addition to the tax credits, there are several other incentives for electrification, some of which are stackable and can be combined with the tax credit. The bill provides $369 Billion in climate related funding and $64 Billion for extension of the Affordable Care Act, while raising $739 Billion from a 15% Corporate Minimum Tax, Prescription Drug Pricing Reforms, IRS Tax Enforcement and Plugging the Carried Interest Loophole. Here are several links providing insights into the bill:
GEO/IGSHPA Analysis of the New Climate Bill – by Ryan Dougherty – Geo Exchange Organization
It’s Going To Be a Long Two Weeks – William Rivers Pitt – Truthout – Gives a background summary of the politics surrounding the bill and its prospects.
Dandelion Energy’s Summary – “This is our understanding of 700+ pages so far… and definitely could change in the Parliamentarian’s process.”
Norton Rose Fullbright Analysis of Tax Implications
The Electric Explainer: Key programs in the Inflation Reduction Act and what they mean for Americans – Rewiring America’s Analysis –
The Sierra Club “Call Your Senator” Webpage
The Alliance for a Green Economy (AGREE) and 368 other organizations signed a letter opposing the fossil fuel expansion provisions of the bill, and the Center for Biological Diversity yesterday sent a press release criticizing the fossil fuel elements of the bill, which they characterized as a “climate suicide act”.
Sunstone Strategies Sign On Letter for organizations in support of the bill, with a form for signing on. The deadline for signing is Tuesday.
BlueGreen Alliance’s Detailed List of Climate, Clean Energy, and Environmental Provisions
Canary Media’s Take on the Bill
We Act for Environmental Justice –a mixed review of the bill
RMI’s Detailed Summary Analysis
Are Ground Source Heat Pumps Our Future? – One-hour ASHRAE Journal webinar “’When we have something that works, we just tend to do that over and over again … we’re all liability averse, but there’s also a place, especially now, for us to consider new and emerging technologies,’ says Steve Hamstra, P.E., HBDP, Member ASHRAE. Join Hamstra and Garen Ewbank, Member ASHRAE, as they discuss the implementation, reliability and resiliency of ground-source heat pumps; the cost, incentives and benefits of retrofitting with new technology; and why the future looks bright for the industry.”
Podcast # 14: https://www.ashrae.org/news/
Hydrogen Blends Higher Than 5% Raise Risks: California PUC – Larry Pearl – Utility Dive – “Hydrogen blends above 5% could require modifications of appliances such as stoves and water heaters to avoid leaks and equipment malfunction,” . Full article here.
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