Colorado is investing in clean energy for the future with a multi-million-dollar funding project to support geothermal technology for heating and cooling.
The Colorado Energy Office awarded $7.3 million to four geothermal heating and cooling projects in Denver, Colorado Springs, Vail, and Steamboat Springs, according to Colorado Biz. The funding comes from the Colorado Geothermal Energy Tax Credit Offering, which will go towards three installations and a feasibility study.
Geothermal energy is heat energy that comes from the earth, usually from reservoirs of hot water, according to the Department of Energy. The heat can be used to generate energy or for heating and cooling by using the earth for either heat storage to cool temperatures or a heat source for warmth.
There are a lot of benefits to geothermal technology, first and foremost being that it's renewable and sustainable. It's a clean energy source, so there's no planet-warming gases coming from geothermal energy plants, which also have a smaller footprint than a traditional fossil fuel power plant. That translates into better air quality.
According to the Clean Air Task Force, a study showed that the reduction in air pollution connected with geothermal development could result in health benefits worth between $6 and $23 billion.
In Vail, a thermal energy network will be installed between the Vail Public Library and Dobson Ice Arena. The Colorado Springs School District will create a thermal energy network between new and old buildings at a high school, while the Colorado Bathhouse in Denver will retrofit two buildings from 1948 with the tech. The feasibility study is being conducted in Steamboat Springs to assess a system for municipal buildings.
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Colorado has become a leader in the United States in geothermal projects, having already invested a total of $23.2 million across 40 projects.
"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 and improve indoor air quality," Will Toor, executive director of the Colorado Energy Office, told Colorado Biz.
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