NLR report chronicles US geothermal market growth trends from 2021 to 2025

Utah Forge site at sunset (source/ photo: Eric Larson, FlashPoint SLC via UtahForge)

Carlo Cariaga 16 Jan 2026

The National Laboratory of the Rockies (NLR, formerly the NREL) has published a new in-depth report that documents the growth of the US geothermal industry over the past four years. The report also highlights a new discussion on geothermal heating and cooling applications in the US, and next-generation technologies.

Click the following links to check out the report:

• Click here to access the full “2025 U.S. Geothermal Market Report.”
• Click here to access the interactive web version of the report

The key findings of the report include:

• The 3969 MWe nameplate capacity for installed geothermal power in the US represents an 8% increase from 3673 MWe in 2020. In comparison, the capacity only grew by 1% from 2015 to 2019.
• Since 2021, 26 new geothermal power purchase agreements have been signed, representing more than 1000 MWe of new capacity commitments. Several of of these were for geothermal power supply to date centres. From 2015 to 2019, only 9 such PPAs were signed.
• The Utah FORGE project has demonstrated improvements in drilling performance by reducing drilling time, thus also lowering costs.
• More than $1.5 billion in private capital has been invested in next-generation geothermal companies, which account for 53% of new geothermal PPAs.
• Geothermal heat pump technology has seen greater adoption in the US, particularly in residential and commercial buildings.
• Eight states have enacted regulations and programs geared towards encouraging the development of thermal energy networks for geothermal district heating and cooling.

“It is exciting to see how technology advances, ongoing research and development, and increasing investment are helping to raise awareness and possibility for geothermal. These factors are critical to the growth we see reflected in this report, and to geothermal’s continued expansion,” said Lauren Boyd, DOE’s Office of Geothermal director.

“This comprehensive report offers insight for industry experts as well as those just entering the geothermal market,” said Amanda Kolker, NLR laboratory program manager for geothermal and geosciences. “We look forward to seeing continued advancements in emerging technologies, de-risking of conventional technologies, and improved access to reliable resource data and analysis in the years to come.”

Source: NLR