District to receive about $1.95 million reimbursement under Inflation Reduction Act for geothermal project
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Summary
District staff said the district qualifies for roughly $1,951,084 in direct‑pay reimbursement under the Inflation Reduction Act for a geothermal installation at Trailside and intends to apply for similar reimbursements for upcoming building projects.
Chad (district staff) briefed the board on the district’s Inflation Reduction Act (IRA) direct‑pay submission process. He explained that because public schools are tax-exempt, the IRA’s direct‑pay provision allows districts to receive cash reimbursement for qualifying clean‑energy investments like solar, geothermal and battery storage.
Chad told the board the district qualified for reimbursement of $1,951,084 for the Trailside geothermal project and will evaluate Hoover, Van Buren and Harrison as they proceed. He described the IRA funding as a noncompetitive reimbursement that districts may apply for when projects meet the IRS eligibility rules.
Board members thanked staff and noted the financial and environmental benefits of leveraging federal energy incentives as part of capital planning.