FORT WAYNE, IN, Oct. 8 /CNW/ - Bruce Ritchey, President/CEO of
WaterFurnace Renewable Energy, Inc. (WFI, Toronto Stock Exchange) announced
that HR 1424, The Economic Stability Act of 2008, contains provisions to
promote renewable energy sources. In particular, the bill provides a $2,000
tax credit for homeowners and a 10% tax credit for businesses to install
geothermal heat pumps.
Ritchey noted, "The Senate had passed the inclusion of geothermal heat
pumps in the extension of the renewable energy tax credits just before the
financial crisis hit. When the crisis hit, all spending bills came to a
screeching halt and we thought renewable energy incentives would be a
casualty. We were surprised, but very pleased to see the renewable energy
extension added to the provisions of the bill."
Many countries around the world are providing incentives for geothermal
heat pumps because of their ability to reduce carbon emissions. Canada
introduced a $3,500 rebate for homeowners replacing a conventional heating and
cooling system with a geothermal heat pump 18 months ago. The federal rebate
has been matched by the Provinces of Ontario and Alberta. Since that time the
sales of geothermal units there have grown rapidly. In much of Europe there
are "Blue Skies" incentives for geothermal heat pumps. In northern Europe, 25%
of all homes are heated with geothermal heat pumps.
Geothermal heat pumps can use the stored solar energy in the earth to
provide heating, cooling and hot water for homes, schools and commercial
buildings anywhere in the United States. This free and renewable energy
represents an important opportunity to reduce the use of fossil fuels and cut
U.S. dependence on foreign energy sources.
Tim Shields, Chairman of the Board of WaterFurnace, said, "We believe
this incentive will encourage many more homeowners and business owners to
install geothermal heat pumps. Geothermal heat pumps are made right here in
the U.S. and the machines used to put the renewable heat exchangers in the
earth are all made right here. Every system installed requires skilled U.S.
labor and more installations means more jobs. Once installed, the savings
realized by the building owner are used to buy goods and services that will
help support the U.S. economy for years to come. This is truly a home grown
solution to the energy crisis and a very good way to address the financial
crisis at the same time. The systems were already growing in popularity, but
this stimulus will help us impact the economy and the environment much more
More Information: Additional information is available on the Company's
web site: www.waterfurnace.com. WaterFurnace Renewable Energy, Inc. is traded
on the Toronto Stock Exchange under the symbol WFI.
Risk and Uncertainties: This press release contains certain
forward-looking statements that may or may not be realized. Investors should
not rely solely on this information to make investment decisions. The
Company's sales are related to the cost and stability of electricity, fuel
oil, propane and natural gas. Federal, state and provincial building codes and
energy incentives can also impact sales. The Company is subject to standard
risks associated with most companies, such as normal competitive pressures.
For further information:
For further information: Bruce Ritchey, President/CEO, (260) 479-3224