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Geothermal Energy in the US: A Clean Energy Powerhouse with Tax Incentive Parity By:  Robert Buluma Image credit; Terry Rodgers on LinkedIn The global shift toward renewable energy is rapidly evolving, with geothermal energy finally stepping into the spotlight as a clean, reliable, and sustainable power source. In the United States, a significant leap was taken to elevate geothermal's prominence alongside other renewable energy sources, such as wind and solar, through expanded tax incentives under the Inflation Reduction Act of 2022 (IRA).   This tax incentives will help companies like Eavor to go beyond what they unleashed in the previous year. This move marks a pivotal moment for geothermal energy, aligning it with the same 30% tax credit offered to wind and solar projects. The newfound parity demonstrates the Biden administration's commitment to an inclusive approach to tackling climate change. Geothermal, with its ability to provide consistent, baseload energy, offers...

Geothermal Energy Insights Unlocking Opportunities: Geothermal Sector Embraces Expanded Tax Credits By:  Robert Buluma The recent release of final rules by the Dept. of the Treasury and the Internal Revenue Service (IRS) on key provisions within the Inflation Reduction Act (IRA) marks a significant stride forward for the geothermal energy sector. These regulatory changes not only signify a shift in the financial landscape but also present unprecedented opportunities for the advancement of geothermal energy projects. The Inflation Reduction Act introduces two groundbreaking mechanisms - elective pay (or "direct pay") and transferability - aimed at extending the reach of tax credits to previously underserved sectors, including geothermal energy. For years, the geothermal sector has faced challenges in accessing adequate financial support due to limited tax incentives. However, with the IRA's provisions, geothermal projects can now tap into crucial financial assistance, driv...