Geothermal Energy

Cons of Geothermal Energy- Geothermal energy requires a wide area

- Geothermal energy plants have the possibility to cause earthquakes

- Initial construction cost is expensive

- It is not viable in areas where geothermal heat is not abundant

Pros of Geothermal Energy- Geothermal energy is a renewable energy source. This

means that even if you use geothermal energy, you would not deplete it. You can be assured that the energy source would last you for a long time

- Geothermal energy is a clean and green form of energy. Utilizing this resource does not cause much damage to the environment

- Geothermal energy can be used for cooling and heating homes

New Technology

• AltaRock Energy is developing a new technology that will create geothermal sites by fracturing hot rock with cold water.

• This will allow for geothermal plants to be positioned all over the country.

• They are also working on creating multiple zones from more than one well. Which could reduce geothermal costs by half.

• They are in the testing and research stage, but could begin their full scale testing by the end of this year or 2014.

According to the GEA International Market Overview Report from 2012

• The U.S has approximately 3,187 MW of geothermal energy capacity. More than any other country in the world, and good for 30% of the worlds total geothermal energy.

• As of April 2012, 147 new geothermal projects are under development encompassing 5,000 MW of potential energy.

• In 2010, 3 percent of the U.S. energy consumption came from geothermal energy

• Every year there are 50,000 – 60,000 new geothermal heat pumps installed in the United States.

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New York State

• New York doesn’t have any volcanoes, geysers, or hot springs—the traditional sources of geothermal energy—so there are no Geothermal plants in NYS.

• However, the ground absorbs 50% of the suns energy.• Geothermal pumps can be installed in homes which

can heat/cool homes during the winter and summer months.

• Pumps cost between $2,000 to $5,000 to install, but the investment will pay itself back between 2 and 8 years.

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The following graphs give a projection of the cost for a kw of energy and a cost for kW/h up to the year 2020.

Why invest in Geothermal?

• Geothermal energy is cheap to use, about 5 to 6 cents per kilowatt hour.

• The price does not fluctuate like oil, production costs are known upfront and the price doesn’t go up and down.

• Costs of production are declining.• Geothermal plants produce extremely low

amounts of carbon dioxide.

Works Cited• Works Cited• Fehrenbacher, Katie. "A Quiet Breakthrough in Geothermal Energy - Businessweek." Businessweek -

Business News, Stock market & Financial Advice. N.p., n.d. Web. 17 Apr. 2013. <http://www.businessweek.com/articles/2013-01-25/a-quiet-breakthrough-in-geothermal-energy#p1>.

• "GEA Internation Market Overview Report." www.geo-energy.org. N.p., n.d. Web. 15 Apr. 2013. <geo-energy.org/pdf/reports/2012-GEA_International_Overview.pdf>.

• "Geothermal Basics - Power Plant Costs." Geothermal Energy Association. N.p., n.d. Web. 16 Apr. 2013. <http://www.geo-energy.org/geo_basics_plant_cost.aspx>.

• "Geothermal Energy - NYS Dept. of Environmental Conservation." New York State Department of Environmental Conservation. N.p., n.d. Web. 16 Apr. 2013. <http://www.dec.ny.gov/energy/43303.html>.

• "Geothermal Energy Association - Geothermal Basics." Geothermal Energy Association. N.p., n.d. Web. 16 Apr. 2013. <http://www.geo-energy.org/geo_basics.aspx>.

• Moore, Patrick . "Geothermal: The Clean Energy Secret." http://area-alliance.org/. N.p., 7 May 2007. Web. 15 Apr. 2013. <www.area-alliance.org/documents/IB.Geothermal.pdf>.

• "Tribal Energy Program: Costs of Geothermal Power." U.S. DOE Energy Efficiency and Renewable Energy (EERE) Home Page. N.p., n.d. Web. 15 Apr. 2013. <http://www1.eere.energy.gov/tribalenergy/guide/costs_geothermal_energy.html>.