The first application cycle is open until 30 June 2024. More information and application materials are available on the GETCO webpage. Applicants must apply through the online grant portal. The CEO will be hosting information webinars for GETCO throughout April, May, and June.
GETCO was established by HB23-1272 “Tax Policy that Advances Decarbonization.” The bill was sponsored by Senators Lisa Cutter and Steve Fenberg and Representatives Mike Weissman and Junie Joseph, and signed by Governor Jared Polis following the 2023 legislative session.
In late 2023, Colorado also launched the Geothermal Energy Grant Program which offers funding support for the development of geothermal projects for electricity generation and space heating and cooling. A total of USD 5 million was made available for the first round of funding, which closed earlier this year.
Two types of incentives offered
The GETCO offers two types of incentives – an investment tax credit (ITC) and a production tax credit (PTC).
The ITC is meant for the exploration and development of geothermal electricity resources. It can cover up to 30%-50% of eligible costs for selected projects, not to exceed USD 5 million per project. A total of US 35 million is available in ITCs through 2032.
The PTC will provide USD 0.003 credit for every kWh of electricity produced from geothermal resources, up to USD 1 million per entity per year through 2032.
In awarding tax credits, the CEO will prioritize projects based on workforce development potential, community resilience benefits particularly in rural or isolated communities, and proximity to disproportionately impacted and just transition communities.
