Colorado: Polis Administration Awards $7.3 Million for Innovative Geothermal Heating and Cooling

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Statewide ~ The Colorado Energy Office (CEO) has recently announced the recipients of $7.3 million in awards through the third cycle of the Colorado Geothermal Energy Tax Credit Offering (GETCO). This tax credit, which is competitively awarded and refundable, will support four thermal energy network projects in the state. These projects include a feasibility study and three installations, and will be carried out by local governments, a school district, and a local business.

This latest round of funding brings the total amount awarded by Colorado for geothermal technology to $23.2 million. This is part of the state's leading efforts to deploy innovative geothermal technology for both heating and cooling as well as electricity generation. Of this total amount, $13.8 million has been awarded through GETCO and $9.4 million through the Geothermal Energy Grant Program (GEGP).

The funding for GETCO comes from HB23-1272 Tax Policy That Advances Decarbonization, which was sponsored by Representatives Mike Weissman and Junie Joseph, Senator Lisa Cutter, and former Senator Steve Fenberg. The bill was signed into law by Governor Polis.

Governor Polis expressed his excitement about Colorado's progress in utilizing geothermal energy: "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."

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Geothermal technology takes advantage of the constant temperatures just below ground level to deliver highly efficient heating and cooling to buildings in Colorado. Thermal energy networks connect multiple buildings via underground pipes, allowing them to share heat resources between them.

The four projects that were awarded funding in this cycle are among more than 40 thermal energy network projects that have been funded by the state through GETCO and GEGP so far.

CEO Executive Director Will Toor highlighted the benefits of geothermal technology, stating, "Heating buildings with fossil fuels is a leading source of greenhouse gas pollution in Colorado. 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."

The four projects that received funding through GETCO in this cycle are:

- The Town of Vail will receive $1,781,506.80 to install a thermal energy network connecting the Vail Public Library and the Dobson Ice Arena. There are also plans for potential future connections to the ski area, lodging facilities, and sanitation facilities. This project will showcase how high-elevation mountain communities can utilize geothermal energy for their heating needs.

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- Colorado Springs District 11 will receive $5,000,000 to install a thermal energy network connecting a new and existing building on the Palmer High School campus in downtown Colorado Springs. This project will demonstrate how geothermal technology can save taxpayer money by lowering energy costs in schools.

- Colorado Bathhouse will receive $526,200 to install a thermal energy network that will retrofit two 1948 buildings into a wellness facility in Denver's La Alma neighborhood. This project highlights the diverse applications of geothermal energy.

- The City of Steamboat Springs will receive $41,866.50 to conduct a feasibility study for installing a ground source loop thermal energy network to heat and cool municipal buildings.

There is still approximately $13.8 million available for tax credit reservations through GETCO out of the total $35 million allocated for the program. CEO will be accepting applications twice annually in the spring and fall until 2032 or until all tax credits have been reserved. The current application period for fall 2025 funding is open until December 31, 2025.

For more information on Colorado's efforts to advance geothermal technology, visit the state's Geothermal website. A complete list of state-funded geothermal projects can also be found on the Geothermal Incentive Awards tracker.

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