The Colorado Energy Office has announced US$7.3mn in awards through the third cycle of the Colorado Geothermal Energy Tax Credit Offering (GETCO).
The tax credit will support four thermal energy network projects in the state, including a feasibility study and three installations. Awardees include local governments, a school district and a local business.
Thus far, Colorado has awarded a total of US$23.2mn as part of the state’s efforts to deploy innovative geothermal technology for both heating and cooling, and electricity generation. US$13.8mn has come from GETCO, while the other US$9,4mn is from the Geothermal Energy Grant Program (GEGP).
Governor Jared Polis said, “Colorado is at the forefront of using the heat beneath our feet to heat our homes and save Coloradans money. Geothermal is the future, and by tapping into this natural renewable resource, we are able to provide innovative clean energy technology to our businesses, schools and local governments, while improving our air quality, decreasing pollutants and saving people money.”
The four awarded projects through this cycle of funding are among more than 40 thermal energy network projects the state has previously awarded through GETCO and GEGP.
“Heating buildings with fossil fuels is a leading source of greenhouse gas pollution in Colorado,” commented CEO Executive Director, Will Toor. “We are seeing growing interest in geothermal heating and cooling across the state, not only to help us achieve our climate goals, but also to reduce energy costs, improve indoor air quality, and ease demand on the electric grid on hot summer days.
“We are proud to continue supporting these innovative projects, which show what is possible using the heat beneath our feet.”