What are the Benefits of Geothermal Power?
• Competitive Price: Wholesale prices for geothermal electricity range from $0.03 to $0.07 per kilowatt hour. At this price, geothermal electricity is competitive with fossil fuel based electricity sources. Additionally, prices have dropped by 25% in the past 2 decades and continue to drop. The goal of the geothermal industry and the the U.S. Department of Energy (DOE) is to bring average geothermal electricity prices to down to $0.03 per kilowatt hour. • Abundant and Consistent: Currently, installed geothermal electricity facilities produce enough electricity to power approximately 1.6 million U.S. households. U.S. DOE expects prices to continue to drop, bringing an additional 10,000 megawatts of geothermal capacity online within 10 years. This capacity will generate power to meet the needs of nearly 10 million households. Additionally, geothermal power is among the most consistent form of energy available today. Geothermal facilities typically produce power over 90% of the time, comp
Geothermal power is power generated from the heat stored underground in the Earth. Although not viable in every location, where it is present it is considered one of the most environmentally-friendly and cost-effective energy solutions over the long run. It is one of a handful of energy solutions looked to by advocates of environmental sensitivity as an alternative to fossil fuels, along with other renewable sources such as wind energy, tidal energy, solar energy, and occasionally hydropower. Currently, geothermal power accounts for roughly 1% of the world’s total energy production, although this number is significantly higher in some regions. In Iceland, for example, more than 19% of total electrical energy comes from geothermal power, and 87% of all home heating comes from geothermal power. Because of the abundance of geothermal power, Iceland hopes to be the first nation to be completely fossil-fuel independent. The Philippines also make extensive use of geothermal power, with by so
Competitive Price: Wholesale prices for geothermal electricity range from $0.03 to $0.07 per kilowatt hour. At this price, geothermal electricity is competitive with fossil fuel based electricity sources. Additionally, prices have dropped by 25% in the past 2 decades and continue to drop. The goal of the geothermal industry and the the U.S. Department of Energy (DOE) is to bring average geothermal electricity prices to down to $0.03 per kilowatt hour. Abundant and Consistent: Currently, installed geothermal electricity facilities produce enough electricity to power approximately 1.6 million U.S. households. U.S. DOE expects prices to continue to drop, bringing an additional 10,000 megawatts of geothermal capacity online within 10 years. This capacity will generate power to meet the needs of nearly 10 million households. Additionally, geothermal power is among the most consistent form of energy available today. Geothermal facilities typically produce power over 90% of the time, compared
