Drilling sites for commercial sized plants are not cheap. Fortunately most of the costs are up front and compared to oil, which has low up front costs but more maintenance costs, the costs over time for geothermal energy are minimal. All in all it costs between $5-10 million dollars or $100-200/ kWh to build an industrial geothermal plant (Kagel 22). Because the exploration and drilling costs are so steep, scientists are looking to expand already made wells instead of creating new ones and some are even experimenting with turning oil wells into geothermal heat sources. One company named "Potter Drilling" uses hot water heated to 1,472 degrees Fahrenheit (Woody) that can blast through the hard rock, which surrounds geothermal reservoirs. This would not only decrease the need for costly drill bits but would prevent the risk of the drill bit breaking inside the well.
With the plants that we have now in the United States, we have the capacity to produce 2 GWh ("About Geothermal") of electricity and experts say we can develop commercial size production plants within the next 10-15 years (Roberts). "EGS [Enhanced Geothermal systems] could provide 100 GWe or more of cost-competitive generating capacity in the next 50 years"(Massachusettes Institute of Technology 17). Jefferson Tester, Professor of Sustainable Energy Systems in the School of Chemical and Biomolecular Engineering at Cornell University estimates the figure for the whole world [of usable geothermal energy] is on the order of over 27 trillion GWh . We now use worldwide just over one 111 million GWh's per year (Roberts).
Not only is this a viable energy resource, but geothermal power plants can bring substantial revenue to rural, and mostly minority populated areas. It is estimated that for every $1 spent on geothermal energy $2.50 is created and kept in the local community, either through taxes, company contributions or worker's wages (Kagel 41). Geothermal energy plants create long-term stable employment to mostly low-income, rural communities. Geothermal plants in the U.S. alone are estimated to provide 23,949 direct, indirect and induced jobs within the next thirty years. They are not only stable, quality, long term jobs but they pay higher wages and create more jobs per KW than natural gas production (Kagel 13). Geothermal plants also bring in a modest income as a tourist attraction from entrepreneurs, students and businesses interested in studying geothermal energy.
Because geothermal is a stable energy source and can operate 365 days a year, it is a viable alternative to coal and nuclear energy, which currently provides our most continuous energy supply. Solar and wind power are good, renewable energy sources but are not consistent and their energy must be stored when there is no sun or wind. However, geothermal reservoirs do not produce their premium energy supply forever. Over the years, many plants produce less steam, operate at lower temperatures and overall become less efficient with time. The life of most geothermal plants is about 30 years (Massachusetts Institute of Technology 18), however with regular maintenance and repair, they can last many times that.
With the Government giving oil subsidies to the tune of $18 billion dollars a year (Lynn) and Obama's goal to be independent of foreign fossil fuels, geothermal presents an attractive alternative for fuel subsidies. Already there are grants available for renewable energy sources, geothermal among them, by the U.S. Department of Energy (DOE) which can help offset the upfront cost of a geothermal plant.
Geothermal is quickly becoming a more attractive alternative, and could be one of the lights at the end of the energy crisis tunnel. As the market for alternative energies increases, so will the demand for this kind of clean, renewable energy and its attractiveness as a large and small-scale energy source will make it appealing to both businesses and individuals alike.
Gail Kellum
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