The Colorado Energy Office has opened its first competitive application cycle for the state’s Geothermal Electricity Tax Credit Offering.
Following Gov. Jared Polis’ Heat Beneath Our Feet initiative as chair of the Western Governors Association to explore opportunities to deploy geothermal technology in the region, Colorado is continuing its global leadership in geothermal development by launching one of the nation’s first state tax incentives for geothermal electricity investment and production.
Geothermal energy has seen significant developments in the past several years, offering the potential to unlock reliable, affordable and clean energy across Colorado.
Colorado is rapidly transitioning to clean energy for electricity generation, which is a leading source of greenhouse gas pollution in the state. Colorado utilities are currently on track to reduce emissions from the power sector more than 80% by 2030 through a mix of clean energy sources, including wind, solar and battery storage. A recent CEO-commissioned study found that the lowest cost pathway to achieve 100% clean electricity in Colorado by 2040 will rely on geothermal, alongside wind, solar, storage and clean hydrogen.
More information is available at https://energyoffice.colorado.gov/geothermal-tax-credit.
