All Sessions in Salon D
10:30 am
IRA Implementation Part 1
Update on Split Ownership, Domestic Content, 1MW Threshold, Etc.
This is Part 1 of two sessions on Inflation Reduction Act Implementation as it applies to Geothermal Heat Pumps. This panel will cover 1) IRS interpretations of the access to split ownership of geothermal systems or subsystems and the GeoExchange Organizations response, 2) how hybrid systems are treated from a tax credit perspective and 3) the current activity to clarify eligibility for the 10% domestic content bonus, and 4) creative interpretations, including treating a geothermal heat pump projects as a thermal storage property.
Moderator:
- Zeyneb Magavi / HEET
Panel:
- Jacob Goldman / Energy Tax Savers
- David Burton / Norton Rose Fulbright
- Ryan Dougherty / GeoExchange
- Adam Shelly / Ecoystem
11:45 am
IRA Implementation Part 2
Mechanics of Tax Credit Transferability & Elective Pay Option
This is Part 2 on Inflation Reduction Act Implementation as it applies to Geothermal Heat Pumps. This session will focus on two topics, 1) how tax-exempt organizations qualify and acquire direct payments in lieu of investment tax credits, and 2) new tax credit transferability rules introduced in the IRA and the mechanics of transferring a tax credit. These two topics are both potentially powerful ways to grow the adoption of geothermal heat pump systems by simplifying the rules around transferring an investment tax credit (ITC) and for the first time offering the value of a tax credit to a broad range of tax-exempt organizations.
Moderator:
- John Ciovacco / Aztech Geothermal, LLC & NY-GEO Board
Panel:
- Jacob Goldman / Energy Tax Savers
- Derek Silverman / Basis Climate
- Sara Ross / UndauntedK12
- David Burton / Norton Rose Fulbright
1:45 pm
Financing for Large Commercial GSHP Projects
The Inflation Reduction Act has provided much broader access to more incentive dollars for commercial geothermal projects. The increase of most projects getting only 10% Investment Tax Credit (ITC) to having most be eligible for 30%, 40% and in special circumstances up to 50% ITC! The IRA also provided access to this type of incentive taken as the elective pay option, so making the tax credits effectively refundable. This session will review the types of geothermal projects that can take advantage of the larger and broader federal tax incentives, plus see the impacts of combining other incentives like rebates or other targeted tax credits.
Moderator:
- Zachary Fink / ZBF Geothermal LLC & NY-GEO Board Member
Panel:
- Samuel Birnbaum / Settlement Housing Fund Inc.
- Kaitlin Butler / NY Green Bank
- Erangi Dias / NYC Energy Efficiency Corporation (NYCEEC)
3:00 pm
Thermal Energy As a Service
One of the key barriers to popularizing geothermal heating and cooling is the upfront cost of the loop infrastructure, which is typically paid for exclusively by the building owner. This barrier can be eliminated when a third party (in addition to the building owner and the electric utility) installs and owns the loop infrastructure, recouping its costs over time by charging the building owner on a monthly basis. Among them, the panelists in this session have direct knowledge and/or experience in both private and public examples of this model to share with you.
Moderator:
- Venetia Lannon / Con Edison & NY-GEO Board Member
Panel:
- Timothy Banach / Endurant Energy
- Cameron Best / Brightcore Energy
- Michael Albertson / SHARC Energy