Statewide ~ The Colorado Energy Office (CEO) has announced the final round of funding for the Geothermal Energy Grant Program (GEGP), providing $1.6 million to support geothermal heating initiatives and studies across the state. This brings the total amount of funding provided by the program since its launch in November 2023 to $10.3 million, supporting 56 initiatives to advance geothermal technology in Colorado.

The funded initiatives will enable awardees, including local governments, educational institutions, nonprofit organizations, and private businesses, to plan and install geothermal heat pumps and thermal energy networks (TEN) that deliver low-cost, energy-efficient heating and cooling to homes and buildings around the state.

Governor Polis expressed his enthusiasm for this investment in clean energy technologies, stating that "by better using the heat beneath our feet to help us, we are leading the nation in innovative clean energy technologies that save Coloradans money and protect our air quality." He also highlighted how investing in geothermal heating technology increases energy reliability and serves as a low-cost energy source.

In this final round of funding, CEO made a total of 16 awards through GEGP. These awards will support five single-structure geothermal initiatives, nine thermal energy network studies, and two thermal energy network installation initiatives. Notably, 89.3% of this funding will go towards initiatives that serve just transition, disproportionately impacted, or low-income communities.

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CEO Executive Director Will Toor emphasized the role of geothermal heating technology in reducing emissions from homes and buildings while also saving Coloradans money on heating and cooling costs. He expressed excitement about seeing so many innovative geothermal initiatives being made possible due to Colorado's investment in this technology and looks forward to seeing more geothermal adoption across the state as these projects set an example of what is possible.

The awarded initiatives represent a range of innovative applications for geothermal heating and cooling. For example, Larimer County will install single-structure geothermal heat pumps at a new emergency services facility, which is expected to cut carbon emissions by more than half over 25 years. Xcel Energy's project will develop detailed design and community engagement strategies for utility-scale thermal energy network projects in Denver's Ruby Hill neighborhood and in the southern part of Frisco.

The recipients of GEGP Round 3 funding are listed below:

- Single-structure:

- Larimer County: $158,250

- CMTA Warmire Dome (Adams County): $291,000

- CMTA CASP Tower (Adams County): $51,000

- Denver Arts: $100,000

- Town of Hayden: $100,000

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- Thermal Energy Network Study:

- Teverra - Rico: $200,000

- zGEO Energy: $70,000

- Urban Land Conservancy: $125,000

- City and County of Denver: $50,000

- Public Service Company of Colorado (Xcel Energy): $125,000

- Aspen School District: $78,400

- Denver District Cooling: $29,458

- Town of Breckenridge: $34,000

- Town of Telluride: $7,000

-Thermal Energy Network Installation:

- Colorado Mountain College: $84,000

- Colorado Bathhouse LLC: $84,000

For more information on these and previously awarded projects through the Geothermal Energy Grant Program, interested parties can refer to the Colorado Energy Office Geothermal Incentive Award Tracker.

This funding is part of Governor Polis' Heat Beneath Our Feet initiative to advance geothermal technology in the Mountain West. While this was the final funding round through GEGP, incentives for geothermal projects are still available through the Geothermal Energy Tax Credit Offering (GETCO) until 2032 or until funding is expended. GETCO applications open twice annually, with the next cycle opening this Fall and closing on December 31. GETCO offers up to $5 million per project in investment tax credits or $0.02/kWh for geothermal electricity generation.

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