The $700 billion bailout measure, or "Emergency Economic Stabilization Act," provides for a tax credit for up to $2,000 per system for homeowners who have installed geothermal systems in 2008 through 2016. A credit for nonresidential systems is equal to 10 percent of total installation cost.
According to the International Ground Source Heat Pump Association, this is the first time that geothermal heat pumps are defined explicitly as renewable energy. [right, how a geothermal heat pump works. Copyright, Iternational Ground Source Heat Pump Association]
Arizona has few geothermal heat pump installations in part because of a perception that our dry desert soils are not conducive. However, at the recent AZ Geothermal Working Group meeting in Tucson, the experts say that proper siting and engineering can make these systems just as effective as those in the Albuquerque basin which is geologically similar to much of southern Arizona, in terms of geothermal potential.
[Thanks to geology.com for spotting this news item.]