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Geothermal resources are theoretically more than adequate to supply humanity's energy needs. Most extraction occurs in areas near tectonic plate boundaries. The cost of generating geothermal power decreased by 25% during the 1980s and 1990s. [1] Technological advances continued to reduce costs and thereby expand the amount of viable resources.
Geothermal energy is a type of renewable energy that encourages conservation of natural resources. According to the US Environmental Protection Agency, geo-exchange systems save homeowners 30–70 percent in heating costs, and 20–50 percent in cooling costs, compared to conventional systems. [29]
Geothermal energy extraction is viable mostly in countries located on tectonic plate edges, where the Earth's hot mantle is more exposed. [127] As of 2023, the United States has by far the most geothermal capacity (2.7 GW, [128] or less than 0.2% of the country's total energy capacity [129]), followed by Indonesia and the Philippines. Global ...
The levelized cost of electricity (LCOE) is a metric that attempts to compare the costs of different methods of electricity generation consistently. Though LCOE is often presented as the minimum constant price at which electricity must be sold to break even over the lifetime of the project, such a cost analysis requires assumptions about the value of various non-financial costs (environmental ...
Traditionally, geothermal energy has only been economical in places like Iceland, where heat and water are close to the Earth’s surface. Recent technological advances may solve that problem, and ...
A heat pump in combination with heat and cold storage. A ground source heat pump (also geothermal heat pump) is a heating/cooling system for buildings that use a type of heat pump to transfer heat to or from the ground, taking advantage of the relative constancy of temperatures of the earth through the seasons.
Hydro-electricity and geothermal electricity produced at favourable sites are now the cheapest way to generate electricity. Renewable energy costs continue to drop, and the levelised cost of electricity (LCOE) is declining for wind power, solar photovoltaic (PV), concentrated solar power (CSP) and some biomass technologies. [57]
This geothermal gradient, which is the principal HDR resource variable, ranges from less than 20 °C/km to over 60 °C/km, depending upon location. The concomitant HDR economic variable is the cost of drilling to depths at which rock temperatures are sufficiently high to permit the development of a suitable reservoir. [26]