BOULDER - Today, Governor Polis and the Colorado Energy Office (CEO) released the Colorado Geothermal Market Assessment report at the 2026 National Association of State Energy Officials (NASEO), which evaluates the current geothermal market, perceptions of geothermal technologies, and potential geothermal resources for heating/cooling and electricity generation across five geographic regions in the state. The report highlights the State's leadership in geothermal and will help state and local policymakers, utilities, project developers, investors, workforce development entities, and others to align on strategy to advance geothermal in Colorado.

"We know that by harnessing the heat beneath our feet we are saving Coloradans money. Colorado is showing the nation what is possible when you invest in innovative clean energy technologies to use natural resources to power, heat, and cool our homes. This new report is a roadmap to our geothermal future, backed by data driven strategies to streamline geothermal developments and increase access to geothermal energy across Colorado," said Governor Polis.

Geothermal energy has practical applications to reduce emissions and energy costs across multiple sectors, including buildings, electricity generation, and industry/manufacturing.

"As Colorado makes rapid progress toward net-zero greenhouse gas pollution by 2050, geothermal technologies will play a huge role in keeping our homes warm, our lights on, and our air clean," said CEO Executive Director Will Toor. "We are already seeing growing adoption of efficient geothermal heating and cooling in Colorado homes and businesses, alongside ongoing exploration into geothermal resources for clean, firm electricity generation and industrial uses. With input from key experts across diverse sectors, this assessment supports ongoing collaboration and smart decision-making to maximize the benefits of geothermal while continuing our national leadership in innovative climate solutions."

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CEO worked with the Home Energy Efficiency Team (HEET) and eight working groups of industry leaders, researchers, utilities, and partner agencies to complete this assessment. These working groups provided insights on specific topics related to geothermal, such as electricity generation, thermal energy networks, project financing, international partnerships, workforce development, and education and awareness. Structured interviews with industry, local government, academic, utility, and other partners and review of existing data and research also informed the assessment.

The assessment addresses:

• Feasibility of different types of geothermal projects in each of the five regions
• Locations and project types of $42.6 million in State geothermal incentive awards, including 81% for thermal energy networks, 12% for geothermal electricity exploration, and 7% for direct use/waste heat recovery projects
• Impact of geothermal legislation from 2022 through 2026, including lessons learned to date
• Case studies of different geothermal technology applications
• Financing and business model exploration, especially for geothermal electricity
• Similarity in workforce skills and hiring demand between the geothermal, oil and gas, and other related sectors
• Barriers and benefits of geothermal adoption
• Strategies to advance Colorado's geothermal market potential

The report findings highlight Colorado's diverse geothermal resource potential to support energy efficient, zero-emission heating and cooling and clean, firm electricity generation across the state.

• Geothermal for heating and cooling is a viable solution to reduce heating costs, support grid resilience, and improve air quality in all regions of Colorado.
• For electricity generation, there are particularly strong near-term opportunities in the Denver-Julesburg Basin, where there is existing data about local geology from the oil and gas industry, and near retiring coal plants with existing electric transmission infrastructure.
• The assessment also found a 60% overlap in geothermal workforce skills with the oil and gas sector, indicating geothermal's potential to create jobs in communities most impacted by the transition away from fossil fuels.

Workforce development and training in geothermal technologies will support the build out of geothermal solutions in Colorado while offering new career pathways to Coloradans in just transition communities.

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CEO will showcase the Geothermal Market Assessment at an upcoming webinar on November 16 at 12:00 PM MT and at Colorado's inaugural Geothermal Solutions Summit, which will take place from November 30 - December 3, 2026 at the Colorado School of Mines. The Geothermal Solutions Summit will bring together geothermal developers, utilities, researchers, policymakers, service companies, and community leaders from around the world to highlight rapid innovation and leadership in geothermal solutions. The summit is a partnership between the Payne Institute for Public Policy at Colorado School of Mines, CEO, the Colorado Energy & Carbon Management Commission, and the Office of Economic Development & International Trade.

CEO recently awarded an additional $409,000 through the Geothermal Energy Tax Credit Offering for three thermal energy network studies in Craig, Rico, and Idaho Springs. See the Geothermal Incentive Awards tracker for more details.

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