JD Supra
Summary
A great deal of progress has been made in decarbonizing the power sector through deployment of clean electricity generation technologies such as wind and solar. But other technologies essential to our efforts to combat climate change, such as geothermal heat pumps, which are critical to decarbonizing buildings (which represented 32 percent of 2019 greenhouse gas emissions in New York State) are only beginning to be deployed at scale. Additional actions in 2023 to unlock deployment of geothermal technologies are essential to meet our goals.
On the federal front, the Department of Energy (“DOE”) has set a goal of powering at least 40 million U.S. homes with renewable geothermal by 2050. In an effort to do so, the DOE ran a $13 million funding opportunity that closed in October 2022 that would help to deploy geothermal district energy systems. To help encourage geothermal electricity generation, in December 2022, the DOE announced $15 million in funding for two projects that will reduce the cost of developing geothermal energy by generating at least a 25% improvement in drilling rates.
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