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District wins $516,918 federal clean energy tax credit for geothermal work
Summary
A consultant review found the district—uilding—ligible for a Section 48 Inflation Reduction Act clean energy investment tax credit tied to the geothermal system; the credit was reported at $516,918 and consultant fees are about $20,000 plus expenses.
John reported to the board that a consultant engaged about 13 months earlier (Eid Bailey) completed an assessment under the Inflation Reduction Act—s Section 48 clean energy investment tax credit and confirmed the district qualified for a credit tied to geothermal work at a district building.
At first glance the consultant estimated a credit of $170,000–$190,000, John said, but after site analysis and conversations with the design team and contractors the firm calculated a final credit of $516,918. He told the board that consultant fees payable to Eid Bailey would be about $20,000 plus expenses (John estimated the net cost in the $25,000 neighborhood), and those fees will be paid from and returned to the same project fund.
Board members responded positively to the news and had no further questions at the time. The district noted the credit will be processed and accounted for in the project fund used to pay eligible costs.
