Governor Jared Polis, alongside the Colorado Energy Office (CEO), unveiled a substantial $7.7 million allocation from the Geothermal Energy Grant Program. This funding is set to propel the adoption and innovation of geothermal technology across Colorado. These efforts are part of the broader state initiative to achieve net-zero greenhouse emissions by 2050, while also enhancing job prospects in sustainable industries and providing stable, economically beneficial energy alternatives.
Governor Polis emphasized the underutilized potential of geothermal energy, noting its capacity to reduce energy costs and enhance air quality. "Colorado continues to lead in low-cost renewable energy, and with these grants, we are extending our commitment to geothermal energy," he remarked.
The grants will finance 35 diverse projects, including the installation of geothermal heat pumps and the development of interconnected geothermal systems among buildings. This initiative expects over $100 million in private investment to bolster these state funds, reflecting a strong public-private partnership.
Highlighting the technological and community benefits, CEO Executive Director Will Toor expressed enthusiasm for the projects' launch. "Geothermal technology not only provides efficient heating and cooling but also supports high-quality jobs and clean electricity production," Toor stated.
The program focuses on ensuring these advancements also benefit communities adversely affected by poor air quality and economic shifts due to reduced fossil fuel use. Notably, 48% of the funding targets projects in these disproportionately impacted areas.
Some of the funded projects include:
- Installation of ground-source heat pumps at three new net-zero emissions fire stations in Pueblo, which will reduce operational costs and grid electricity demand.
- Development of a thermal energy network in Pierce, Colorado, leveraging inactive oil wells for heat generation, a project spearheaded by Gradient Geothermal.
- University of Colorado Boulder's dual feasibility and design studies aimed at creating on-site geothermal electricity generation alongside heat production.
Mayor Heather Graham of Pueblo highlighted the local impact, stating, "This funding allows us to build sustainable infrastructure that saves on energy costs and supports our environmental goals."
Moreover, the advancements in geothermal technology align closely with the skill sets of workers from the oil and gas sectors, ensuring smooth transitions to new energy roles. This strategic alignment underscores Colorado's approach to energy transition as inclusive and comprehensive.
In a significant move towards a cleaner energy future, the funding also supports extensive site studies and potential developments for Colorado's inaugural ventures into large-scale geothermal electricity, which could significantly contribute to the state's clean energy goals.
Looking forward, the Colorado Energy Office plans to continue expanding support for geothermal initiatives, alongside offering tax incentives like the Colorado Heat Pump Tax Credit to foster further adoption of these technologies.
