Expanded Tax Credit Slashes Cost of Geothermal Heating and Cooling Systems

ATLANTA, Feb. 23, 2009 (GLOBE NEWSWIRE) -- Geothermal Energy Solutions (www.geosaves.com) reports that Georgia homeowners can now save up to 40 percent on the initial cost of the most efficient, most economical and most environmentally-friendly heating and cooling system on the market-a geothermal heat pump.

The economic stimulus bill recently signed by President Barack Obama provides for a tax credit equal to 30 percent of the total cost of a new geothermal heat pump installation. (The bill removed a previous cap on the federal tax credit.) The state of Georgia provides an additional $2,000 tax incentive, bringing the total savings to 40 percent in some cases.

"Given the long-term savings, a geothermal heating and cooling system has long been an excellent investment, but new tax incentives make geothermal an even more attractive alternative to traditional furnaces and AC units," said Kenny Libby, co-founder of Atlanta-based Geothermal Energy Solutions.

For example, tax incentives are cutting the cost of one Atlanta homeowner's new geothermal system by 41 percent. "With the energy savings and tax credits, our customer should recoup his investment in just over four years," Libby said. "After that, the system will continue to pay him back, almost like a stock dividend."

The incentives are also expected to create new work and jobs for people in Georgia's recession-challenged construction industry. "Just one install can mean work for 10 to 15 people, including drilling, grading and ductwork contractors," Libby said, "And we plan to add new staff people as needed to meet the rising demand for geothermal systems."

"This is a perfect opportunity for owners of new and existing homes. Not only can you lower your energy bills and cut your carbon impact with a geothermal system, but you can also now save up to 40 percent on the upfront costs," said Brian Copeland, Geothermal Energy Solutions co-founder.

The potential environmental impact is significant. As Copeland explains, "With the Governor's Energy Challenge, Sonny Perdue has asked all Georgians to cut energy consumption by 15 percent from 2007 levels by 2020. Geothermal can cut a family's heating and cooling energy use by 50 percent."

Tapping the stability of underground temperatures, geothermal systems circulate water through buried pipes in order to extract underground heat in the winter and release heat in the summer. The systems deliver heating efficiencies of up to 70 percent and cooling efficiencies of up to 40 percent over conventional systems.

Geothermal Energy Solutions is the provider of choice to homeowners and builders in Atlanta and across Georgia. Founded by construction industry veterans Kenny Libby and Brian Copeland, the company is certified as a WaterFurnace GeoPro Master Dealer, ensuring that its equipment and installations are of the highest quality.

For more information, visit Geothermal Energy Solutions at www.geosaves.com.

CONTACT:  Geothermal Energy Solutions
          Media Contact:
          Kenny Libby
          770-616-7145
          Kenny@geosaves.com
          www.geosaves.com