The rate at which geothermal energy plants are sprouting up is astounding. The geothermal industry is adding approximately 144 geothermal plants across 14 states this year, a significant increase over the 121 planned plants a year ago. As only 83 plants were being constructed two years ago, the recent growth is promising for our country's renewable energy future.
This recent surge in new geothermal plant construction is due primarily to federal energy stimulus funds and a recent advancement in geothermal technology. Federal stimulus money has contributed over $400 million to the industry in tax incentives and grants. The Senate's energy/climate bill to be passed sometime later this year is expected to add even more cash to this building industry. As a result, this influx of money has led to the development of new technologies. Primarily , geothermal plants are able to utilize lower temperature water to be converted into geothermal energy - significantly expanding the development opportunities across a variety of regions in the US.
Geothermal Energy currently produces about 2,800 megawatts (MW) of power in the US, with significant room for expansion. The US Geological survey indicates there is approximately 6,000 MW of discovered geothermal capacity (approximately enough energy for 1,800,000 homes), and between 8,000 and 73,000 MW of undiscovered potential using today's technology. As the technology continues to advance, geothermal potential will only increase in availability, efficiency and cost.
Compared to wind and solar, geothermal energy is still in its stages of infancy and needs significant investments from companies such as GE, which played an integral role in the expansion and efficiency in the wind industry.
No comments:
Post a Comment