- Geothermal systems provide financial benefits for new construction homes due to lower installation costs
- GeoSolar’s SmartGreen(TM) residential and commercial energy systems tap into geothermal and solar energy to dramatically lower or eliminate utility bills
- U.S. Department of Energy (“DOE”) recently announced Biden administration plans to reduce geothermal system costs by 90% to $45 per megawatt hour by 2035
Geothermal systems tap into the earth’s energy to heat and cool homes throughout the year. Besides lowering utility bills, lower installation costs for new construction has the potential to increase home values in some markets (https://ibn.fm/wmQAO). GeoSolar Technologies (“GST”), a climate technology company based in Colorado, addresses the rising demand for geothermal technology with their SmartGreen(TM) whole-home renewable energy systems that commits to lower bills, reduce carbon emissions, and provide unparalleled energy efficiency.
“The financial benefits of a geothermal system are clearer for new construction homes because installation costs are lower than on an existing home,” said Vikram Aggarwal, CEO of EnergySage, a green educational energy and quote-comparison site based in Boston. “But even for existing homes, lower utility bills are an important benefit, especially as energy costs rise.”
Natural gas and petroleum prices are increasing worldwide, adding substantially to the current economic crisis. Renewable energy systems like SmartGreen(TM) help insulate homeowners from price shocks by drastically lowering or even eliminating utility bills. “Geothermal systems are popular with buyers when they’ve already been installed, especially for younger buyers who want green features in their homes,” said Corey Burr, a real estate agent with TTR Sotheby’s International Realty. “The energy savings with a geothermal system can be substantial, so it should be a benefit to sellers.”
According to the U.S. Energy Information Administration, the U.S. leads the world in geothermal electricity generation (https://ibn.fm/9M1yb). California and Nevada lead the country with approximately 95% of total power generation, followed by Utah, Oregon, Hawaii, Idaho, and New Mexico. All states combined produce roughly 16 billion kilowatt hours (“kWh”) of power, equal to about 0.4% of total U.S. utility-scale electricity generation.
The U.S. Department of Energy (“DOE”) recently announced that the Biden administration plans to reduce geothermal system costs by 90% to $45 per megawatt hour by 2035 (https://ibn.fm/TqG0d). “The United States has a vast, geothermal energy resource lying right beneath our feet, and this program will make it economical to bring that power to American households and businesses,” said U.S. Secretary of Energy Jennifer M. Granholm.
GeoSolar’s SmartGreen(TM) Home system is a total household makeover that leverages geothermal technology in addition to photovoltaic rooftop solar panels, EV charging infrastructure, and upgrades to insulation, windows, lighting systems, and the building envelope. With numerous government incentives and tax deductions, GeoSolar is well positioned to market the system to over 120 million homes across the country.
For more information, visit the company’s website at www.GeoSolarPlus.com.
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://ibn.fm/GST
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