Published By : 05 Jan 2016 | Published By : QYRESEARCH
In the bid for clean and sustainable energy solutions, geo energy is tapped into as well. ‘Geo’, as the name suggests is related with the Earth, and so the energy derived therein is geothermal energy. The resources of geothermal energy range from hot water to shallow ground to hot rock that are a few miles under the Earth to molten rock formations deep under the Earth’s crust.
Heat derived from the Earth is utilizable in several forms – from small and simple pumping systems to large and sophisticated power plants. Due to its myriad benefits, geothermal energy is consistently tapped into as an affordable and sustainable solution to reduce the dependence on fossil fuels, thereby global warming as well as public health risks. For instance, in 2013, geothermal capacity amounted to 11,700 megawatts (MW) across the globe, with 11,700 MW of additional capacity underway.
In absolute terms, geothermal facilities generated almost 68 billion kilowatt-hours of electricity, which can meet the annual energy needs of above 6 million households in the U.S. In El Salvador and Iceland, geothermal plants contribute 25% of the energy generated every year.
Nonetheless, the U.S. stands as the global leader for installed geothermal capacity, wherein eight states generate more than 3,300 megawatts of energy. California accounts for eighty percent of the capacity, wherein more than 40 geothermal units account for almost 7% of the electricity needs of the state. Other than this, across thousands of homes and buildings in the U.S., geothermal pumps are installed to utilize the steady temperatures just below ground level to cool and heat buildings, in a clean and inexpensive manner.
Geothermal power plants are characteristic of renewable energy source and other features as well. Amongst all sources of renewable electricity, geothermal power is capable of attaining baseload supply and high capacity utilization. Owing to this, geothermal power has received an exclusive position in this sector, to run parallel with other conventional and non-conventional sources for power production.
In many parts of the world, the utilization of geothermal energy is bolstered with favorable policies such as tariff feeds, soft loans for the development of these resources, and easy obligatory certificates for the utilization of these resources.