Rico geothermal project awarded $100K Colorado grant for pre-feasibility study

· Geothermal
Rico Geothermal Coalition research team inspects geothermal pool near Rico, Colorado

Goal: a thermal energy network to provide heating and cooling solutions to
the town’s buildings

- above photo -
Rico Geothermal Coalition research team
inspects geothermal pool
near Rico, Colorado
Ore Cart - September 9, 2023



Geothermal Energy Grant Program Round 1 Awardees
Colorado Energy Office
May 24, 2024


Natural Geothermal Augmented Thermal Energy Network for Rico, Colorado
Location: Rico
Applicant: Teverra, LLC.
Award: $100,000

Description: This grant award will support a pre-feasibility study to implement a thermal energy network with a natural geothermal system in Rico with the goal to enhance energy security and reduce carbon emissions. The study aims to initiate a regional geothermal economy focused on an education and workforce development hub, with a goal to provide heating and cooling solutions to the town’s buildings while maintaining the small mountain town community values and heritage. Through community engagement and partnerships, the project aims to educate stakeholders about the benefits of geothermal energy and pave the way for broader adoption in neighboring towns and other regions with natural hot springs runoff.



Polis Administration Announces $7.7 million in Awards for Geothermal Energy Projects 

Geothermal Energy will reduce emissions, save money, promote energy independence, and create good-paying job opportunities in Colorado communities


(Friday, May 24, 2024)

Today, at Fire Station #8 in Pueblo, Governor Polis and the Colorado Energy Office (CEO) announced $7.7 million in grant awards through the Geothermal Energy Grant Program to advance the use of geothermal technology in the state. Governor Polis’ nation-leading efforts to develop Colorado’s geothermal energy resources is essential to achieve net-zero greenhouse gas emissions by 2050, while creating stable, good-paying jobs in just transition communities and ensuring affordable and reliable access to clean energy for all Coloradans.

“Geothermal energy, the heat beneath our feet, is an underutilized resource that can save people money on energy and improve air quality. Colorado is already a national leader in low-cost renewable energy, and now with these grants, we are supporting more geothermal energy across the state,” said Governor Jared Polis.

This investment will support 35 innovative projects to install geothermal heat pumps in buildings; study and develop interconnected geothermal systems between buildings (thermal energy networks); and test and confirm geothermal resources for zero-emissions electricity generation. . . .

The table below shows the breakdown of funding for each type of grant offered through the Geothermal Energy Grant program:


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The awarded projects reflect a broad diversity of geographies and technologies. Geothermal heating and cooling projects in urban areas include fire stations, university campuses, a recreation center, a science and technology hub, and mixed-use neighborhood developments.


Colorado Energy Office news release 
May 24, 2024




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