The Colorado Energy Office (CEO) has announced US$12.4mn in funding has been awarded to seven geothermal projects across the state to help support cleaner heating and cooling and electricity development.
The funding, coming from the Geothermal Energy Grant Program (GEGP) and the Geothermal Energy Tax Credit Offering (GETCO), enables awardees to plan and install thermal energy networks, which deliver heating and cooling to buildings, as well as implement studies and test wells for electricity generation.
To date, CEO has awarded US$42.6mn through GEGP and GETCO to advance geothermal development within the state. The awardees for this round of funding include the Memorial Hospital (US$30,542), McKinstry Essention LLC (US$1.3mn), Aspen School District (US$5mn), Adams State University (US$4.3mn), the Town of Hayden (US$970,000), Fervo Energy (US$494,000) and ZGEO Energy (US$306,000).
Of the seven awards, five are focused on geothermal heating and cooling, while the other two focus on projects exploring and implementing electricity created by geothermal technologies.
Colorado’s Governor, Jared Polis, said, “Colorado is leading the way in harnessing the heat beneath our feet to study and unlock geothermal potential that saves Coloradans money on energy bills. By investing in innovative geothermal technology, we are cutting down our emissions and utilising our unique natural resources to provide clean and affordable heat for Colorado homes and businesses to save money.”
Colorado Energy Office’s Executive Director, Will Toor, commented, “Geothermal Energy is an essential part of our work to transform Colorado’s energy system. By advancing technologies such as high-efficiency geothermal heat pumps and geothermal electricity generation, we can provide clean, affordable heat and firm, reliable electricity to Coloradans across the state. We are proud to support geothermal innovation in Colorado, which will help ease demand on our electric grid and enable us to achieve our climate goals.”