Think GeoEnergy
Summary
The Government of Iceland has opened the application for grants for the “Geothermal Leveling the Game initiative”, a program that is offering ISK 1 billion (approx. USD 7.5 million) for efforts to explore and utilize geothermal energy in the years 2025-2028. The application deadline is on the 1st of May 2025.
Emphasis is placed on supporting the use of geothermal energy for general heating in areas where electricity and/or oil are currently used for heating. About 10% of households in the country are in so-called cold areas, and the Treasury spends over 2.5 billion ISK annually on subsidizing heating in these areas.
The grants that have now been announced will be awarded to municipalities, energy companies, or parties working on their behalf. When awarding grants, consideration will be given to whether there is already some knowledge of geothermal energy in the area in question and whether there is evidence that hot water can be found that can be used directly in the district heating system, or warm water in sufficient quantities to be used in a central heat pump in the area.
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