This bill directs the Secretary of Energy to set up the "Milestone-Based Geothermal Demonstration Program" within 180 days. The program will give innovative financing to demonstration geothermal projects in low-permeability and impermeable reservoirs. Awards will be given through a competitive process tied to technical and financial milestones. The program prioritizes projects in regions with little or no geothermal electricity (including on or near Indian land), projects that collect and share resource and technology data, projects that would produce or enable at least 30 megawatts of electricity, and projects likely to attract private investment. The Secretary must request proposals, award financing to at least 3 proposals in at least 3 different States and to at least 3 different sponsors, keep sufficient staff to run the program, and carry out projects as milestone-based demonstrations under the Energy Act of 2020.
If enacted, the bill would create a federal program that provides milestone-based funding to support new kinds of geothermal projects in underdeveloped regions and geologies. Developers and sponsors could apply for competitive financing if their projects match the program priorities. The bill explicitly includes projects on or near Indian land in its priorities. Projects selected under the program must report data that the program intends to share to help future projects.
No publicly available information on exact funding amounts. The bill authorizes "such sums as are necessary" to carry out the relevant parts of the law but does not specify dollar amounts.
The bill states its purpose as accelerating commercialization of next-generation geothermal technologies in diverse regions, lowering high upfront drilling and exploration costs, producing public data to reduce risk for future projects, and using milestone-based financing to catalyze demonstration projects and private investment.
No publicly available information on opponents' positions in the bill text or metadata.