Oberlin College geothermal retrofit: how climate bonds financed a campus steam-to-hot-water conversion

Oberlin College in Ohio reached carbon neutrality in 2025 by replacing its aging steam system with a low-temperature hot water geothermal district energy network. The project, which involved retrofitting about 60 of 85 campus buildings, was financed in part by $80 million in certified climate bonds, plus Inflation Reduction Act tax credits the school qualified for through grandfathering. Key lessons include the importance of thorough upfront planning to avoid unnecessary replacements, and the need to adapt when unexpected issues surface, such as 150-year-old water pipes or buildings that perform differently than expected. The college also found that the geothermal system cut emissions while attracting students and staff, making it a practical model for other campuses considering similar conversions.