Geothermal energy is still lacking popularity of solar and wind energy, and is currently being harnessed for generating electricity in only 24 countries of the world. Many countries around the globe with good geothermal energy potential are still reluctant to enter the global geothermal energy market mostly because of the high initial costs.
Geothermal energy is not only used to generate electricity but also for heating and cooling purposes, in fact geothermal heating systems are becoming increasingly popular in many developed countries.
There are several important reasons why we should use more geothermal energy. First of all, geothermal energy is clean and renewable source of energy that would help reduce our greenhouse gas emissions.
Geothermal energy is very reliable source of energy that is available 24-7, and doesn't suffer from intermittency like solar and wind do.
In areas with good geothermal energy potential geothermal heating systems can cut 30 to 50 percent on fuel costs.
Strong geothermal energy sector would create thousands of new jobs that would give boost to our economy. It would also improve our energy independence and future energy security.
In United States an average price of geothermal system is around $30,000 to install, but with the tax credit homeowners can potentially save up to $10,000. In average, the geothermal system installed in U.S. will be paid off in less than 10 years.
Geothermal systems offer an excellent opportunity to begin switching away from fossil fuels. Geothermal energy sector still hasn't been fully developed in United States but is certainly on the right track.