Renewable Energy
Geothermal small carbon footprint finds favour among environmentally-conscious end users
H
eating and cooling accounts for 40 per cent to 50 per cent of power consumption in non-
residential buildings. This highlights the urgent need to increase the overall energy efficiency in these buildings – geothermal heating and cooling technologies may hold the key. “Geothermal heating and cooling
is an excellent way to conserve energy while employing the earth as the chief energy transfer base,” said Frost & Sullivan Energy and Environment Industry Manager Konkana Khaund. “Despite its huge initial costs, its higher energy efficiency and long-term cost savings are capturing the attention of environmentally conscious end users.”
“Non-residential users are in a better
position to invest the capital and gain strong returns on investments in just a couple of years,” noted Senior Industry Analyst Anu Cherian.”However, most end users are inclined towards ‘short termism’ and do not perceive the long-term benefits
of investing in this technology.” Apart from tight spending from end
users, the highly competitive geothermal heating and cooling market is also challenged by price wars. To differentiate, manufacturers need to
educate their potential end users about the life-cycle cost savings that can be accrued by investing in geothermal technologies. Installing such environment friendly products will also make building owners eligible for tax rebates and incentives. Overall, geothermal heating and
cooling technology’s standout benefits are expected to attract customers from across segments. Some of these benefits include long lifecycles, reliability, decrease in energy cost, the ability to comply with energy efficiency requirements and the positive impact on the environment. New analysis from Frost & Sullivan’s
Analysis of the North American Geothermal Heating and Cooling Market research, finds the market earned revenue of $102.8 million in 2012 and estimates this to reach
$147.6 million in 2017. The geothermal heating and cooling
market in North America will get a boost from legislation in areas such as the Energy Policy Act of 2005, and the Energy Independence and Security Act of 2007, which mandate at least a 30 per cent increase in energy efficiency over existing levels. However, the market is reined back by the high capital required to install the technology. Geothermal energy originates from
the heat retained within the Earth since its formation, from radioactive decay of minerals and from absorbed solar energy. High temperature geothermal heat
is mostly harvested in areas close to the Earth’s tectonic plate boundaries where volcanic activity rises close to the surface. As of 2007, it was estimated that 28GW
of geothermal heating capacity is installed around the world, meeting 0.07 per cent of global primary energy consumption. ●
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