Recovery Act leads to ground source business boom in Florida

In Florida, Egg Geothermal Air Conditioning and Pool Heating has seen business climb 20%. Owner Jay Egg said the phone started ringing again last year, after Congress passed the American Recovery and Reinvestment Act. The stimulus package gives residential purchasers of a qualified geothermal system a 30% tax credit on the cost. Commercial customers can get a 10% credit or grant toward the purchase and the company can depreciate 50% of the cost in the first year and the whole amount in five years. Egg went so far as to suggest that, if the country’s energy-saving policies continue, geothermal systems may be required in future building codes after 2016.