DOE Announces $20 Million to Lower Costs of Geothermal Drilling
Drilling Efficiency Demonstrations Will Set the Stage for Transferring Lab Technology to the Marketplace
The U.S. Department of Energy (DOE) today announced up to $20 million in funding to lower the cost of developing geothermal energy by demonstrating faster drilling technologies to shorten the time it takes to develop projects overall. DOE is looking to dramatically lower the cost of geothermal drilling—which can exceed 50% of a project’s total costs. Projects selected for drilling demonstrations will spur further investment in geothermal energy, which can be a critical source of zero-carbon energy that’s available around the clock year-round. This initiative advances President Biden’s goals to support fossil energy communities that are building upon their existing energy infrastructure to drive innovation and economic growth in emerging zero-carbon industries.
“There is incredible, untapped potential to use the heat beneath our feet to meet our energy demands with a renewable source that can be found in all pockets of this country,” said U.S. Secretary of Energy Jennifer M. Granholm. “Not only is the use of geothermal energy a significant asset for reaching a carbon-free grid by 2035, it can drive the creation of good paying jobs in energy communities as the country transitions to cleaner, more reliable energy sources.”
WATCH: Deputy Assistant Secretary for Renewable Power Alejandro Moreno explains the process for geothermal drilling and how the Drilling Demos initiative will streamline it.
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