More than 3 GW of New Geothermal Capacity in Development (SNL)
In the wake of recent tax credits and other financial incentives, geothermal energy now provides 2,856 MW of operating generation in the U.S., up from 2,751 MW operating in September 2013. However, over that same period, planned capacity has dropped to 3,333 MW from 4,419 MW when SNL's previous geothermal development analysis was conducted, undercutting what has been a resurgence in geothermal development over the past decade.
With the expiration of the production tax credit on Dec. 31, 2013, it is still unclear how geothermal development will fare down the road. So far, no new geothermal capacity has been added since the end of 2013. However, recent federal funding for programs aimed at developing enhanced geothermal systems, or EGS, may help geothermal play a more important role in renewable energy generation. The technology also remains eligible for a 10% investment tax credit.
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