In June 2025, the Colorado Energy Office announced 16 grantees for the third and anticipated final round of Colorado’s Geothermal Energy Grant Program (GEGP). This round’s awardees included five geothermal loop systems or ground-source heat pump installation projects, two thermal energy network installations, and nine thermal energy network studies. The awarded projects are diverse in scale and approach, ranging from installing ground-source heat pumps in individual facilities to designing utility-scale thermal energy networks for whole neighborhoods. The grant program has now awarded over $10 million, leveraging nearly $144 million of investment. For a full list of awardees under the third round of GEGP, please visit this press release.
Governor Jared Polis launched the Western Governors Association’s Heat Beneath Our Feet initiative in 2023. This led to Colorado enacting several programs, including GEGP, to incentivize and accelerate statewide geothermal technology adoption. While GEGP funding is now fully obligated, eligible applicants can continue to take advantage of the Geothermal Energy Tax Credit Offering and the Colorado Heat Pump Tax Credit, both offered through 2032 or until funding is expended.