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including the production tax credit.(5) But, it should be noted that the cost for individual geothermal projects can vary significantly based upon a series of factors discussed below, and that costs for all power projects change over time with economic conditions. "However, it must be remembered that a major impact on geothermal power cost is the local, regional, national, and global competition for commodities such as steel, cement, and construction equipment. Geothermal power is competing against other renewable and non- renewable power development, building construction, road and infrastructure improvements, and all other projects that use the same commodities and services. Until equipment and plant inventories rise to meet the increase in demand for these commodities and services, project developers can expect the costs to rise well above the background inflation level."(6) 8.3. Does the price of geothermal power fluctuate like the price of oil and gas? No. Geothermal energy acts as a price stabilizer that offsets U.S. dependence upon highly volatile fossil fuel power markets. This is because geothermal power does not need outside fuel to operateógeothermal relies on a constant source of free fuel. Geothermal is capital intensive, thus all of the fuel is essentially paid for upfront. However, once the power project is built, most of its power production costs are known and few market parameters can modify them. 8.4. What factors influence the cost of a geothermal power plant? There are many factors that influence the cost of a geothermal power plant. In general, geothermal plants are affected by the cost of steel, other metals and labor, which are universal to the power industry. However, drilling costs may vary as well. Geothermal projects are site- specific, thus the costs to connect to the electric grid vary from project to project. Also, whether the project is the first in a particular area or reservoir impacts both risks and costs. The acquisition and leasing of land also varies, because to fully explore a geothermal resource a developer is required to lease the rights to 2,000 acres or more. Challenges to leasing and permitting vary from project to project; especially on federal lands. These factors include: • Size of the plant • Power plant technology • Knowledge of the resource • Temperature of the resource • Chemistry of the geothermal water • Resource depth and permeability • Environmental policies • Tax incentives • Markets • Financing options and cost • Time delays 41PDF Image | Geothermal 101
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