In this study, the Energy and Carbon Management Commission (ECMC), Colorado Geological Survey (CGS), and Teverra collaboratively completed a comprehensive review of Colorado’s geologic and geothermal history, a data review and resource assessment, a utilization and market analysis, and a corresponding environmental and regulatory evaluation of the geothermal opportunities in Colorado. Presented in this report are the results, conclusions, and recommendations of this work. Past geothermal studies (Appendix A) in Colorado highlighted that the state’s geologic profile supports varied geothermal resources and displays high potential for development. Colorado is executing an inclusive strategy to take advantage of federal incentives and initiatives. Colorado has leveraged tens of millions of dollars in support of the emerging geothermal energy market through state incentives to further complement the growing momentum in the sector. Encouraged by outreach and engagement efforts of the Colorado Energy Office and other agencies, communities and utilities are joining the conversation about how geothermal energy can be a part of the clean energy transition.