GRC Member Will Gosnold |
“Now things have slowed down due to the price decrease and they’re looking at ways to cut costs, and this is one way they could cut their electrical power cost by generating their own electricity.”
The pilot project in North Dakota, which is being developed with energy company Continental Resources Inc., cost about US$3.5 million and includes several years of research and development. Gosnold said if the pilot project is successful, new geothermal units could be constructed at a cost of US$250,000 each.
The two generators on site have a combined 250 kilowatt hour capacity, which Gosnold estimates could mean about US$150,000 in annual energy cost savings in total. At 250 kwh, the generators would produce enough power to meet the annual needs of about 300 homes.
Gosnold hopes that once the pilot plant starts operating, other companies will see the economic and environmental benefits.
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