Geothermal energy may not be as expensive as it seemsJune 18, 2014
Report highlights the costs of geothermal power
The Geothermal Energy Association has released a new report that serves as an analysis of information provided by several government and private organizations. The report focuses on the actual cost of geothermal power and aims to shed some light on its viability as a primary energy source. Currently, one of the most significant concerns regarding geothermal energy, and renewable power in general, is cost. Clean technologies are expensive, and this make renewable energy expensive as well. The actual cost of clean power may be exaggerated, however.
Geothermal power may be no more expensive than other forms of energy
According to the report, geothermal energy is as affordable an energy source as any other. The report notes that geothermal power is on par, in terms of cost, with energy technologies that are currently available, including those used in conventional energy production. Because geothermal power is no more expensive than solar, wind, or other forms of energy, it could be quite effective as a primary energy source, especially in parts of the world where geothermal activity is particularly high.
Economic benefits relating to geothermal power are quite promising
The report also highlights the economic potential of geothermal power. The report suggests that geothermal energy has a greater degree of economic benefit than other forms of renewable energy. In the U.S., the federal government leases land to energy developers. Land with geothermal potential is considered quite valuable due to the fact that it has a high degree of energy potential. According to the U.S. Department of the Interior, geothermal power generate $15 million during the 2013-2014 fiscal year. California, in particular, generated $4 million in revenue from its own geothermal projects.
Geothermal power does represent some environmental risks
Geothermal energy is not without its risks, of course. Tapping into the geothermal power of the world can release toxins into the environment, which can pollute water sources and pose certain health risks. While modern technology has served to mitigate these risks, they have not yet been entirely eliminated. When compared to fossil-fuels, like natural gas, however, geothermal energy is considerably more environmentally friendly.