Geothermal power is a renewable energy source that can be put to a number of uses both commercially as well as for domestic purposes. But before using geothermal power as an alternative energy source, its costs and benefits need to be taken into account and analyzed properly.
In most cases, the capital costs including the installation and operation costs for the generation of geothermal power are more than the cost of operating the systems that generate geothermal power. The benefits of using earth power depend upon how the electricity is generated by it.
Climate, facility design, cost, efficiency and method are a few factors that need to be considered for analyzing the costs and benefits of using geothermal power as an alternative power source for the generation of electricity.
Geothermal power can be used for both heating and cooling purposes. Earth power can be beneficially used in places which have hot summer weather with large air conditioning needs. Geothermal power systems are very cost effective if they are installed in the initial design of a building or an industry whereas the installation of geothermal power systems at a later stage is more expensive.
As an alternative energy source, geothermal power seems attractive economically because of the rising prices of gas, fuel, oil and electric heating systems. When geothermal power is harnessed from geothermal power products like heated water or steam, it is less expensive.
As a cost effective and an alternative energy source, geothermal power is being used all around the world.