What incentives are needed to bring geothermal potential online?
Equitable, consistent, long-term policy support: The geothermal industry needs the benefit of a long term production tax credit. Because geothermal plants are capital intensive and take several years to bring online even when permits are in place, it is important that a production tax credit be extended for at least three to five years.
Streamlined and updated laws governing geothermal leasing and permitting on federal lands. At this time, the leasing and permitting procedures for geothermal energy are time consuming and redundant. Often several years laps before all permits and leases are in place for a geothermal project, and this can deter investors. The complexity of federal royalties and high administrative sots are also problems that needs to be addressed.
Providing technology support: Several federal agencies, especially the U.S. DOE, the Bureau of Land Management, and U.S. Geological Survey, are tasked with advancing the technology of the geothermal industry. There is significant potential for improvement in the areas of efficiency, exploration, resource assessment, drilling, and other important geothermal activities. Tthe geothermal budgets of these agencies need to support a growing industry and help address its technical and resource problems if the geothermal industry is expected to advance and expand.
