U.S Government announces new funds and incentives for next-generation geothermal deployment, underscoring significant movement in energy transition
America is dialing up the national thermostat on geothermal research and development with new policies and funding from the Biden administration. In the spring of 2022, both sides of American congress agreed to allocate $84 million USD for the development of four demonstrative geothermal projects under the Bipartisan Infrastructure Law. The Inflation Reduction Act followed shortly after, providing companies with incentives of up to 40% tax credits for investments in geothermal projects. Businesses that meet livable wage standards and bankroll geothermal ventures will be eligible for a tax credit of 30%. An additional 10% is available for development projects in communities currently or previously reliant on the energy industry, such as those with large fossil fuel sectors or retired coal mines. Politico.com quoted Geothermal Rising board of directors president Kelly Blake in their reporting on the policies, saying the geothermal industry hasn’t received this much interest in over 50 years.
CERAWeek Video – Transferring Technologies for Next-gen Geothermal
During CERWeek 2023, Eavor CEO, John Redfern participated in a panel discussion focusing on the topic of ‘Transferring Technologies for Next-gen Geothermal’. The panel also featured Andrei Utkin, Abdulaziz Almuhaidib, Douglas Blankenship & Carlos Araque.
