Geothermal networks are an ultra-efficient method of supplying non-combusting heating and cooling to buildings. The temperature is supplied through boreholes.
If the state issues bonds to pay for installing boreholes under public parking lots or roads, it can be repaid by selling the thermal energy from the boreholes to the local thermal utility.
Since the state bonds pay a much lower cost of capital and have a shorter payback period than investor-owned utilities do, the cost savings would be roughly $2 per $1 spent on the boreholes.
With regulatory approval, these savings can be front-loaded to when the geothermal network is installed, to pay for some or all of the retrofits needed to the local buildings to allow them to connect to the network.
The result could allow the state to help enable an equitable transition to clean thermal energy.
CLF and HEETlabs are running a virtual webinar on thIS concept & how to support the idea. Come to learn more!