Geo POWER Act

Financing for new geothermal projects

If enacted, the Department of Energy would create a Milestone-Based Geothermal Demonstration Program within 180 days. The program would give competitive, milestone-based financing to projects in low-permeability and impermeable reservoirs, prioritizing regions with little or no geothermal electricity, including on or near Indian land. It would favor projects that collect and share data, and projects that produce or enable at least 30 megawatts of aggregate geothermal capacity and can attract private investment. The Secretary would have to award financing to at least three different proposals in at least three States and to at least three different project sponsors, run projects under the Energy Act of 2020 milestone framework, and keep enough staff to administer the financing. The bill would authorize "such sums as are necessary" for these program parts, so actual funding would depend on future appropriations.