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8.5. What else should I consider about the cost of geothermal power compared with other technologies? A 1995 study estimates that costs of power generation would increase 17% for natural gas and 25% for coal if environmental costs were included.(7) These costs include land degradation, emissions of toxic chemicals and emissions, forced extinction and destruction of animals and plants, and health impacts to humans. Even higher national security costs need to be factored in if the fuel, such as oil or natural gas, is imported. For more information about geothermal energy and the environment, visit http://www.geo- energy.org/publications/reports/Guide%20to%20Geothermal%20Energy%20and%20Environme nt.pdf. 8.6. Donít geothermal power plants cost a lot more than a gas or coal power plant? Geothermal power plants are characterized by high capital investment for exploration, drilling wells, and plant installation, but low cost for operation and maintenance. In 2001, EPRIestimated that capital reimbursement and associated interest account for 65% of the total cost of geothermal power.(8) Capital costs of a combined cycle natural gas power plant, in contrast, only represents about 22% of the levelized cost of electricity produced from the plant, while the fossil fuel cost accounts for 67%.(9) However, geothermal plants have no fuel costs, and over a typical 30-year plant life the fuel costs for a natural gas or coal plant can represent twice their initial capital cost. Over the life of the plant, when you consider capital costs and total fuel costs, geothermal projects can be a sound investment. 8.7. How will the cost of geothermal energy compare to the cost of fossil fuel in the future? Costs for geothermal generation at some facilities have decreased to half the original price per kilowatt hour of power in 1980, compared to when the first independent geothermal plants were installed.(10) Their cost falling at a faster rate than coal over this same period. The current price for extensions onto existing projects can be competitive with polluting coal-fired plants. While geothermalís costs have steadily decreased throughout the years, those of natural gas have increased, often experiencing boom and bust type cycles that can negatively impact the economy. California Energy Commission (CEC) analysis examines what it estimates are the cost of different technologies based upon ìlevelized costî which includes both capital and fuel costs. Their study places geothermal energy at a lower levelized cost ($/MWh) than many other types of merchant owned power plants including: Natural Gas Combined-Cycle, Wind, Biomass Combustion, Nuclear, Solar Thermal, and Photovoltaic.(11) 42PDF Image | Geothermal 101
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