Geothermal News
News dedicated to the rising geothermal technology.
Geothermal Heating and Cooling Technology Is Poised to Support Economic Recovery and Long-Term Energy Goals
WASHINGTON, DC--(Marketwire - February 24, 2009) - The federal economic stimulus package is intended to create and save 3.6 million jobs and jumpstart the economy with economic recovery tax cuts and targeted investments. In addition to putting money back in the pockets of consumers and businesses, the package also includes provisions that will help achieve long-term goals, such as improving energy efficiency in both the public and private sectors.
Among those provisions, the plan calls for a disbursement of $6.9 billion to state and local governments for energy efficiency upgrades and the reduction of carbon emissions, which amounts to an average of $100 million to each state. By investing a portion of this $100 million in rebates or low interest loans to homeowners who replace their old fossil fuel or electric furnaces with geothermal heat pumps, the country would definitely make progress toward the goals of the stimulus package. States that have invested in similar programs were able to create hundreds of "green collar jobs" while significantly increasing energy efficiency and reducing carbon emissions.
Secretary Chu Announces Nearly $50 Million of Recovery Act Funding to Accelerate Deployment of Geothermal Heat Pumps
Announcement follows tour of manufacturing facility in Fort Wayne, Indiana
WASHINGTON – During a visit to Fort Wayne, Indiana, where he toured a manufacturer of geothermal heating pumps (GHPs), U.S. Energy Secretary Steven Chu today announced nearly $50 million from the American Reinvestment and Recovery Act to advance commercial deployment of the renewable heating and cooling systems, which use energy from below the Earth’s surface to move heat either into or away from the home or building. The expanded manufacturing and installation of GHPs could aid in the creation of new jobs while reducing the use of fossil fuels.
“The heat from the Earth represents a significant energy resource that can be tapped to reduce emissions contributing to climate change." said Secretary Chu. “Expanded use of GHPs in the United States will create new jobs for engineers, manufacturers and technicians while at the same broadening our nation’s clean and renewable energy portfolio.”
