Geothermal heat exchange system rebate program established, and money appropriated.

This bill establishes a Minnesota rebate program to help businesses, nonprofits, government entities, and tribes cover costs for installing geothermal heating systems in commercial or multifamily buildings. Rebates cover up to 15% of system costs (capped at $100,000 per project) for applicants who have applied for or received federal rebates under the Inflation Reduction Act. Priority is given to low-income housing projects owned by nonprofits or government entities. The program is funded through state appropriations from the renewable development account (for utility service areas) and general fund (outside those areas), with funds expiring in 2033.