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DENVER, CO – The Colorado Energy Office yesterday announced the recipients of the third round of the Colorado Geothermal Energy Tax Credit Offering (GETCO). Over $7.3 million was awarded to support thermal energy network projects, including $6.8 million for Colorado Springs, Steamboat Springs and Vail.
“This investment in the Western Slope will help us harness renewable energy to protect our environment while saving Coloradans money," said Rep. Meghan Lukens, D-Steamboat Springs. “Colorado is leading the way in these geothermal technology projects, and we’re showing the country that geothermal energy can be used to meet the heating needs of rural communities like Steamboat Springs and Vail. It is exciting to see policy in action in our communities that will save Coloradans money and provide reliable energy.”
“Focusing on geothermal energy advances our commitment to clean, affordable energy and drives down our reliance on fuels that harm our environment,” said Rep. Amy Paschal, D-Colorado Springs. “Geothermal technology utilizes the heat beneath our feet to reduce energy costs, which saves businesses and Coloradans money. This $5 million award gives Colorado Springs District 11 Schools the resources to break ground on this innovative project that will reduce energy costs for the district, improve air quality and create renewable energy jobs.”
GETCO is funded through a 2023 law passed by Colorado Democrats to save Coloradans money, create good-paying jobs and help the state meet its climate goals. HB23-1272 created a refundable tax credit to help communities advance and adopt geothermal electricity development.
The following projects were announced as grant recipients in the third round of GETCO funding:
The Town of Vail was awarded over $1.7 million to install a thermal energy network between the Vail Public Library and the Dobson Ice Arena, with the possibility of extending the network to the ski area and nearby facilities in the future,
Steamboat Springs was also awarded grant money to conduct a feasibility study on a ground source loop thermal energy network to heat and cool municipal buildings, and
Colorado Springs District 11 was awarded $5 million to install a thermal energy network at Palmer High School.
Last year, Rep. Paschal passed a bipartisan law to encourage more geothermal energy production, establish a long-term funding mechanism to ensure the safety of carbon storage operations and save consumers and businesses money on energy costs.