Salon D
Room Proctor: Matt Arisohn / Aztech Geothermal, LLC
10:30 am
Establishing Eligibility for the Federal Investment Tax Credit
The IRA has transitioned to the OB3A, which saw the loss of Section 25D for residential geothermal heat pump systems but actually maintained, and in some ways expanded, Section 48 for commercial geothermal heat pump systems. This panel of legal and accounting professionals will provide an update on how they view investment tax credit (ITC) eligibility based on ongoing client relationships. Topics will range from how hybrid systems are treated, establishing eligibility for the 10% domestic content bonus, how tax-exempt organizations qualify and acquire direct payments, an update on tax credit transferability and the surprising change that allows third party ownership of geothermal heat pump systems for the first time.
Moderator:
- Zach Fink / ZBF Geothermal & NY-GEO Board
Panelists:
- Jacob Goldman / Energy Tax Savers
- Josh Howes / Walker-Blue
- Dorian Hunt / Leo Berwick
- Ravi Kurtz / Eide Baily
11:45 am
Bridging the Financing Gap
Recently, the NY Green Bank officially closed on a loan for over $20MM to bridge Federal Investment Tax Credits, enabling the installation of 25+ geothermal heating and cooling systems across multifamily affordable housing developments in Buffalo, NY. The City of New Haven in CT is also working with the CT Green Bank to arrange bridge financing up to the amount of the Federal Elective Pay amount for a municipal utility thermal energy network. These transactions are strong examples of how financing can help scale geothermal deployment in New York, Connecticut and other parts of the country. This is especially important in affordable housing and municipal systems where upfront costs can otherwise be a barrier. This session will discuss these projects that could lead to replicable financings given the persistence of the Federal Investment Tax Credit and Elective Pay Option through 2034.
Moderator:
- Jack DiEnna / GEO NII & Board Chair, IGSHPA
Panelists:
- Steven Winter / City of New Haven
- Larry Campana / CT Green Bank
- Adam Serbert / Good Carbon
- Andrea Lee / NY Green Bank
1:45 pm
Third Party Ownership of Geothermal Systems
The Section 48 Investment Tax Credit for Commercial Geothermal Heat Pump systems was untouched after the passage of the OB3A. But additionally, the law created an exemption from longstanding IRS policy known as limited-use property doctrine and allows commercial geo systems to now be leased by third parties, including leases to homeowners. Less well known is that OB3A includes a provision clarifying that geothermal heat pump systems can be owned by Publicly Traded Partnerships (e.g., Master Limited Partnerships [MLP]). This panel will discuss the opportunities presented by these changes and some of the implementation issues that threaten to limit a much broader adoption of geothermal third party ownership structures.
Moderator:
- Derek Dwyer / Enertech USA
Panelists:
- Bob Wyman / Self
- Stuart Yanow / Orca Energy
- Maggie McCarey / Dandelion Energy
- Kareem Mirza / Zameen Energy
3:00 pm
The Power of GRECs
Geothermal Renewable Energy Credits (GRECs) have been established in Maryland as a model for other states. 2025 was a banner year with GREC programs, making progress in Virginia and a hard-won legislative victory in Illinois. GRECs have the potential to more than compensate for the loss of Federal Residential Tax Credit (Section 25D) in states adopting an effective program. States with GRECs are the first traction we are seeing with geothermal heat pump system leasing models. The geothermal industry, with leadership from the GeoExchange Organization, is set to pursue GRECs in a handful of other states in 2026, including New York!
Moderator:
- Donovan Gordon / NY-GEO Board
Panelists:
- Ryan Dougherty / GeoExchange Organization
- Kelcy Kline / Carbon Solutions
- Jason Cullum / Ground Loop H&AC - Maryland
- Maggie McCarey / Dandelion Energy