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September 8th, 2010
01:25 PM ET

THE BIG I: Geothermal Energy

Today's Big I is on geothermal energy.  Its the idea that you can heat and cool your home by pumping water through a closed loop system into the Earth.  Basically, just 10 feet down below the surface the ground is a balmy 50 to 60 degrees year round.  So you can pump hot water down to cool it or cool water down to heat it.  It's a hefty initial investment, but it can be recovered by a 30% uncapped federal tax credit and with a 50% cut in your energy bills.

To find out more on the federal tax breaks for using geothermal energy, click here.

IKEA is building its first U.S. store powered by geothermal energy near Denver, CO.  To read up on the store, click here.

Filed under: Ali Velshi • Anchors • The Big I
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