- President Biden has signed his signature climate change legislation into law, providing hundreds of billions of dollars to spearhead decarbonization efforts
- Homeowners are highly incentivized to switch to perform energy audits and switch efficient electric technologies, the exact area of focus of GeoSolar Technologies
- GeoSolar Technologies SmartGreen(TM) systems use geothermal and solar technologies that align with government incentives to maximize home efficiency
On August 16th, President Joe Biden signed the Inflation Reduction Act (“IRA”) into law, earmarking some $369 billion in funding for energy and climate projects with the goal or reaching a 40 percent reduction in carbon dioxide emissions by 2030 compared to 2005 levels. Amongst other things, the new law includes a host of incentives for consumers to transition to renewable energy, which is a benefit to companies like GeoSolar Technologies (“GST”) that specialize in packages focused on energy efficient homes.
The aptly named Denver-based company uses geothermal systems to capitalize on the near constant temperature of the ground for heating and cooling and solar panels on the roof to harness power from the sun’s rays to generate a house’s electricity needs. In between the roof and the footings, GeoSolar provides all the necessary products in its SmartGreen(TM) program to maximize a home’s efficiency, including new insulation, floor loops, high volume heat/air pump, LED lighting, and air purification system, none of which utilize fossil fuels.
SmartGreen(TM) is applicable in commercial and residential properties, whether existing (retrofit) or new construction. The upstart, which is raising capital via a Regulation A+ offering, has installed its home technology on multiple test homes in Colorado, scoring at the upper echelon of the industry-standard Home Energy Ratings System (“HERS”) index. The company claims that SmartGreen(TM) technology reduces or eliminates utility bills and cuts carbon emissions by 8 tons a year.
GeoSolar’s quest to achieve carbon-free living by 2035 squares with President Biden’s signature legislation. IRA extends (or replaces) incentives and rebate programs and allocates capital for 950 million solar panels, 120,000 wind turbines, and 2,300 grid-scale battery plants. Homeowners can benefit to the tune of $14,000 in home energy rebates for installing electric appliances.
Starting January 1, 2023, the Energy Efficient Home Improvement Credit replaces the Nonbusiness Energy Property credit. The new law provides a tax credit equal to 30 percent of the costs for all eligible home improvements made during 2023, including things such as electric panels, heat pumps, and energy audits, all things that GeoSolar provides. Further, consumers are goosed to buy an electric vehicle, via a $7,500 tax incentive for a new EV or $4,000 for a used one.
Each SmartGreen(TM) system includes a new EV charging station installed in the garage and powered by the rooftop photovoltaic solar panels.
According to an August brief from electrification nonprofit Rewiring America, the savings can add up to lifechanging money. The organization estimates that a household switching fossil fuel dependence to an electric heat pump, heat pump water heater, solar panels, and one electric vehicle would save $1,800 annually. Using the savings to further electrify the house will result in compounding savings, which Rewiring America says can grow into $140,000 after 25 years.
When Biden opines on how IRA fights inflation and gives everyday people extra disposable income, this is part of the rationale. Electrek provides a comprehensive view on how IRA and electrification to cut our dependence on the gas and oil industry can help dull the effect of GDP-based recessions. It’s going to take leaders in the decarbonization movement to make this happen.
For more information, visit the company’s website at www.GeoSolarPlus.com.
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://ibn.fm/GST
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