Geothermal industry expects a boom

The U.S. geothermal industry is gearing up to meet increased demand for ground-source heat pump systems that’s expected to be sparked by incentives offered through the Inflation Reduction Act (IRA).

Signed into law last August, the IRA earmarks $369 billion toward energy security and fighting climate change – including by incentivizing energy efficiency, electrification, and renewable energy. Nearly $9 billion of this is set aside for direct-to-homeowner rebates for the installation of high-efficiency and renewable-source HVAC equipment, such as geothermal systems, and for energy-saving home improvements, which could include geothermal. Billions more in IRA-enhanced tax incentives – for high-efficiency equipment, renewables, and energy-saving building measures – are potentially available for homeowners as well as for the owners of commercial and other types of buildings.

Enteq Technologies plc (LON:NTQ) develops and supplies equipment for Measurement, Logging and Geo-steering while drilling of wells for the Geothermal, Oil and Gas markets.

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