Wednesday, September 13, 2017

Finance: "Geothermal is One of the Lowest-Cost Energy Sources Available, After Startup Costs are Met"

Geothermal energy: Why hasn't it caught on yet? (Deutsche Welle)

The Geothermal Cloud, byVictor Hernan Abarca Gonzalez, Berlin, Germany.
GRC Photo Contest 2017
Despite being one of the lowest-cost and most reliable renewable energy sources, harnessing heat from the Earth almost doesn't happen outside Iceland. But leaders meeting in Italy this week are trying to change that.

Yesterday, governmental ministers and 29 partner institutions from the private sector signed the Florence Declaration, committing to a 500-percent increase in global installed capacity for geothermal power generation by 2030.

Although that may sound like a lot, it's starting from a low baseline. Geothermal energy today accounts for just 0.3 percent of globally installed renewable energy capacity.

This is despite its huge potential - for both lowering greenhouse gas emissions and saving money. Geothermal is one of the lowest-cost energy sources available, after startup costs are met. The global potential for geothermal is estimated to be around 200 gigawatts.