Creates Federal Financing for New Geothermal Power Projects
Creates Federal Financing for New Geothermal Power Projects
IntroducedMarch 17, 2026
In the Senate2 days ago
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EnergyAlternative and renewable resourcesBusiness investment and capitalElectric power generation and transmissionFinancial services and investmentsMining
Why This Matters
This bill creates a new Department of Energy program that provides loans, grants, or other financing to geothermal? power projects, releasing the money in stages as each project meets agreed goals.
If you live in a state with little or no geothermal power today, federal money could fund drilling for 30-megawatt-scale power plants in your region, paid for with an open-ended amount set by Congress later.
Who this affects
Geothermal energy developers · Tribal communities · Residents of new geothermal regions · Private energy investors
What this bill changes
1Requires the Energy Secretary to launch a competitive program within 180 days that pays out financing as projects hit set technical and financial goals.
2Targets projects drilling into dense rock that hot water does not easily flow through, a type of underground heat source not widely used for power today.
3Gives priority to regions with little or no geothermal power now, including projects on or near tribal land, and projects that publicly share drilling data.
