Geothermal energy closer to fruition in Oregon

Geothermal energy closer to fruition in Oregon

The creation of new green tax credits and investments in sustainable solutions has spurred on the development of geothermal technology. Oregon City Council approved a special assessment over a 15-year period to determine the potential pros and cons of installing a geothermal system in the municipal complex on Seaman Road, reported The Press.

“We took the first steps toward achieving these objectives in 2012 when we passed a resolution that helped establish the Toledo and Oregon Advance Energy Corporation in anticipation of this program,” said Administrator Mike Beazley, according to the news source.

The availability of new green tax credits will allow for a greater number of renewable energy projects to reach completion. The Wall Street Journal reported that the state of Oregon has increased construction options with the Oregon Tax Credit.

The city has been working with the Port Authority’s Better Buildings Program to develop a new plan to increase the metro’s energy efficiency. The Press reported that the reduction in operating costs could drastically increase the number of commercial enterprises signing on for green initiatives. By investing in geothermal solutions, a company will be better able to limit dependence on pricey oil and natural gas.

“We can achieve energy efficient upgrade objectives without it having to compete with out streets program or anything else,” said Beazley. “So we feel good about it from that perspective. It’s a good positive step. We’re using one of the new tools that’s available to local governments in Ohio, and Oregon was one of the first governments to help set up one of these energy special improvement districts. After the first of the year, we’ll be seeking proposals from engineering firms to design and put in a system. We’re interested in working with one of our industrial partners – Oregon Clean Energy Project – is interested in being involved in a project as well, perhaps with some grant opportunities. This saves money for the taxpayers over time. It becomes a great program for the taxpayers after 15 years when all the capital costs are gone.”

Funding for the advancement of the new programs is coming from a few different places, including the Lucas County Port Authority Bond Fund. The tax credits will go toward the recipients, and Oregon will have an obligation to make annual payments over the next 15 years through the property tax bill.

After the careful examination of options, the city has determined that geothermal technology offers the best long-term investment for taxpayers. Because of the power of a closed-loop system, energy will be provided and will eliminate the operational costs associated with natural gas, which is currently used and is increasing in price every year. By digging a few hundred feet deep and installing a geothermal well, the metro will be able to reduce operational costs and have an extended savings plan set in place for limiting budget strain.