Colorado Governor John Hickenlooper signed a geothermal bond bill May 30, providing $1.98 million in state funding and matching the Energy Department’s investment in geothermal energy exploration at Pagosa Springs. The project, which demonstrates Colorado’s strong support for geothermal energy development, leverages a $3.8 million award from the Department for evaluating and exploring the geothermal resource potential at Pagosa Springs.
Pagosa Springs has long been recognized as a potential target for geothermal energy development, based on surface evidence and assessments such as geophysical exploration conducted by the Colorado School of Mines. The Pagosa Verde project proposes a cost-effective, phased approach for locating and evaluating the viability of geothermal resources in the southern end of the Pagosa Springs area. The project will assess the potential for power production as well as direct use applications for residential, industrial and other purposes.
The collaborative framework at Pagosa Verde provides a replicable model of public-private partnership and grassroots support. The company has engaged the local community to garner support and promote future geothermal development that could create jobs and generate clean, renewable energy for the region. Landowners, city and county officials, utilities, and private investors worked with the Colorado School of Mines and the Colorado Energy Office to demonstrate the value of this project and its vital role in bringing geothermal energy development to the state.