Town receives roughly $1.8 million after IRS approves refund tied to Fales geothermal project
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Summary
Committee reported the town received about $1,800,000 from the IRS (from Inflation Reduction Act funding) that must be applied to reduce borrowing for the Fales School geothermal and solar project.
A School Committee member reported that the town received roughly $1,800,000 from the Internal Revenue Service related to federal incentives for Fales School's geothermal and solar systems.
The building committee filed a request with the IRS tied to tax/credit provisions under federal programs and the request was accepted. The town treasurer informed the committee the funds will be used to reduce the outstanding debt associated with the Fales School construction, per the rules that accompany the federal incentive.
Nut graf: The committee said the payment reduces the amount local taxpayers must cover for the Fales School borrowing. The member noted the geothermal system and solar panels greatly reduce ongoing utility costs: "we do not pay for electricity and we do not pay for heat because they both come from the solar panels on the roof and from the geothermal system," the member said.
The committee thanked the building committee for the work that produced the energy systems and for pursuing the federal funding claim.
Ending: Committee members noted the refund will lower the town's debt service tied to the school project and the administration said the funds will be applied to reduce that borrowing.