Hawaii has been touted as an ideal laboratory for the development of renewable energy that’s bound up in its wind, seas and sunshine. It’s the southernmost island in the chain, however, that may be the most richly endowed overall, and the most promising resource of all is the one that’s buried far beneath the surface.

Hawaii island sits atop the meandering volcanic “hot spot” that created each island in succession and now yields geothermal energy. According to electrical utility data, the island already gets most of its power from renewables; geothermal now supplies nearly a quarter of Hawaii island’s energy needs.

Many people who are tracking the situation carefully believe that this resource could be tapped further, but that this development will take money — which seemingly is available, if not managed as well as it could be.

The Geothermal Working Group was created through Senate Concurrent Resolution 99 last legislative session, comprising state and Hawaii County appointees as well as members representing cultural and environmental groups and others. It started the new year with the release of its report to the Legislature and among its recommendations is that royalties paid by Puna Geothermal Venture, which operates the state’s only geothermal plant, should be allocated with community benefits explained more fully to the public.

This is no small pot of cash. According to the report, annual amounts since 1996 have ranged from a low of $82,000 to a peak in 2009 of $3.1 million. In the last five years, amounts have ranged between $1 million and $2.7 million.

Under law, half the royalty proceeds go to the state Department of Land and Natural Resources, 30 percent to Hawaii County and 20 percent to the Office of Hawaiian Affairs.

What isn’t clear, the group correctly observes, is that the money is used effectively. Among its recommendations is that the state’s portion should be directed at least in part “to identify promising geothermal sites and to further develop the resource.”

The group suggests that a community advisory board propose uses for the funds. That could be helpful, but not as much as another recommendation from lawmakers last year: greater oversight of the spending. A state audit of the geothermal leasing and royalty program should be done, as a Senate resolution passed last session directs.

In the past week Hawaii Electric Light Co., the island’s utility, has requested that the Public Utilities Commission begin a proceeding to seek proposals for more geothermal energy projects. Meanwhile HELCO also plans to undertake technical studies on how to integrate more geothermal resources on the island’s electrical grid. News of both initiatives comes as an extremely encouraging development.

There is a great deal of potential for Hawaii island in the efficient and coordinated development of geothermal energy. The state is pursuing other renewable energy sources, including biofuels, solar and wind, but none produce as much power as cheaply and reliably as geothermal.

This would ultimately benefit the ratepayers on the island, who have to contend with higher prices for most of the essentials they buy. The potential to present them with lower electric bills each month would be good for the island’s economy, not to mention a significant advance toward the state’s energy-independence goals.