Statewide ~ Colorado Energy Office Announces $12.4 Million in Funding for Geothermal Projects Across the State

The Colorado Energy Office (CEO) has recently announced a significant investment of $12.4 million to support seven geothermal projects across the state. These projects, which include both heating and cooling and electricity development, aim to advance affordable clean energy solutions in Colorado.

The funding comes from two programs - the Geothermal Energy Grant Program (GEGP) and the Geothermal Energy Tax Credit Offering (GETCO). Awardees of this funding include school districts, universities, hospitals, local governments, and power developers.

Governor Jared Polis expressed his enthusiasm for this investment, stating that Colorado is leading the way in utilizing geothermal energy to provide clean and affordable heat for homes and businesses. He also highlighted the environmental benefits of this technology, stating that it will help reduce emissions from buildings and electricity generation.

CEO Executive Director Will Toor also emphasized the importance of geothermal energy in transforming Colorado's energy system. He stated that by implementing high-efficiency geothermal heat pumps and geothermal electricity generation, they can provide clean and reliable energy to communities across the state while also achieving their climate goals.

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Out of the seven awarded projects, five are focused on geothermal heating and cooling through GETCO. These projects are expected to avoid emissions equivalent to 2.8 million miles of vehicle travel annually. The remaining two projects come from GEGP's final round of funding and focus on exploring and implementing geothermal electricity development.

The awarded projects cover a wide range of applications, including a thermal energy network installation at Aspen School District that will provide heating and cooling to three buildings totaling over 400,000 square feet. Another project by Fervo Energy will conduct a geothermal resource assessment in two regions to evaluate potential for future electricity development.

The awardees for each program are as follows:

GETCO awardees:

- The Memorial Hospital: $18,000 for a thermal energy network pre-feasibility study in Craig

- McKinstry Essention, LLC: $1.3 million for detailed designs to expand the thermal energy network in downtown Vail

- Aspen School District: $5 million for a thermal energy network installation at middle and high school buildings

- Adams State University: $4.3 million for a thermal energy network installation to provide efficient heating and cooling to student buildings on campus

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- Town of Hayden: $970,000 for ground source heat pump installations at multiple locations to further develop their utility park

GEGP awardees:

- Fervo Energy: $494,000 for a geothermal energy resources assessment in the Denver Basin and Northwest regions

- ZGEO Energy: $306,000 to further develop an exploration well in Montrose and San Miguel Counties to evaluate resource potential for a utility-scale power plant.

This funding is part of Governor Polis' Heat Beneath Our Feet initiative, which aims to advance geothermal technology in the Mountain West region. This was the final round of funding through GEGP, which has provided a total of $9.8 million for 43 heating and cooling projects and six electricity projects since its launch in 2023. The GETCO program is currently accepting applications for its fifth cycle until June 30, 2026, with up to $2.2 million available this funding cycle.

For more information on these projects and previously awarded initiatives through GEGP and GETCO, interested parties can refer to the Colorado Energy Office Geothermal Incentive Award Tracker. With this significant investment in geothermal technology, Colorado is taking important steps towards achieving its clean energy goals while also providing affordable solutions for its residents.

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