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With the GLGP, 100% of a loan could have a federal guarantee with a limit of the loan being 75% of project costs. This was subsequently amended in 1980 to allow for a federal guarantee of 90% of the total aggregate project cost providing that the applicant was an electric, housing or other cooperative or a municipality.
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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. In 2021, the US Department of Energy estimated that power from a plant "built today" costs about $0.05/kWh.
The cost of a solar PV module make up the largest part of the total investment costs. As per the recent analysis of Solar Power Generation Costs in Japan 2021, module unit prices fell sharply. In 2018, the average price was close to 60,000 yen/kW, but by 2021 it is estimated at 30,000 yen/kW, so cost is reduced by almost half.
Estimates for the world potential capacity for geothermal power generation vary widely, ranging from 40 GW by 2020 to as much as 6,000 GW. [62] [63] Geothermal power capacity grew from around 1 GW in 1975 to almost 10 GW in 2008. [63] The United States is the world leader in terms of installed capacity, representing 3.1 GW.
The complex was then developed into the largest geothermal field in the world, with a nameplate capacity of 1,517 MW and an annual generation of 6,516 GWh in 2018. [ 2 ] [ 3 ] Geothermal power plants/complexes
Geothermal power is highly scalable: a small power station can supply a rural village, though initial capital costs can be high. [54] The most developed geothermal field is the Geysers in California. In 2008, this field supported 15 stations, all owned by Calpine, with a total generating capacity of 725 MW. [55]
In September 2022, the Geothermal Technologies Office within the Department of Energy's Office of Energy Efficiency and Renewable Energy announced an "Enhanced Geothermal Shot" as part of their Energy Earthshots campaign. [92] The goal of the Earthshot is to reduce the cost of EGS by 90%, to $45/megawatt hour by 2035. [93]