From Geothermal Energy Gains Steam
It requires no fuel, can provide baseload power, and is emissions-free after initial plant construction.
Constantly overlooked in articles and headlines in lieu of the much sexier solar and wind, which have become the go to cleantech representatives, geothermal energy use could quietly double in the next six years.
Geothermal Energy Forecast
Global geothermal energy capacity will grow 89% between now and 2015, according to the most recent information available from GlobalData. Capacity will surge from 11,0007 MW at the end of 2008 to over 20,800 MW in the next six years.
...geothermal energy is no slouch, and probably deserves a bit more attention and respect, as does the investment potential of the sector.
The recently-passed stimulus did its part to ensure investing in geothermal energy remains attractive. The bill extends the production tax credit (PTC) until 2013, allowing project developers to recoup 30% of a new plant's cost. The stimulus creates a cash grant program to support the industry as well.
It's a win-win according to Geothermal Energy Association executive director Karl Gawell:
We estimate that the geothermal power industry has doubled its workforce in the US in the past two years, and the economic stimulus bill provides a framework of support that will continue if not accelerate growth in this industry adding tens of thousands of new jobs with even greater positive effects across the economy.
Federal incentives will lure private capital to the sector, allowing financing to go through for new projects. Banks will be more likely to lend given a 30% credit that gives stability to and reduces payback times.
Here's Karl Gawell once again: "All of this adds up to making significant progress towards expanding our use of this largely untapped energy resource, which is good news for the environment and the economy." A double bottom line. . . you don't say?
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