Economic Impacts:
COST
Though a geothermal power plant is expensive to build, maintenance and running costs are low, so that the overall cost is not as great as other energy sources in the long run. Geothermal energy costs around 9.5$/KWh, significantly less than biomass (13$/KWh), solar (15-20$/KWh) and many other renewable energy forms.
RELIABILITY
Geothermal energy is both stable and reliable, with the potential to last hundreds of thousands of years. As it needs no fuel (except for pumps) it is immune to cost fluctuations, which is a huge bonus compared to other energy sources. It is also not affected by changes in weather conditions, unlike wind, solar and tidal energies which rely on good weather! (Seeing as we live in Britain, reliance on good weather is not a good thing!)
RURAL ECONOMY
This energy form supplies thousands of quality jobs to rural areas. Although it could be argued that geothermal plants are generally situated far away from the cities where they are most needed, this means that they help to boost rural economies.
IMPORTS
Countries with only minor oil reserves can often become dependent on other countries for the majority of their energy. This makes such countries extremely vulnerable to price fluctuations. Using geothermal energy generally reduces foreign oil imports, because more and more people turn to geothermal energy and other renewable sources instead of unclean non-renewable sources.
TOURISM
Geothermal power plants often draw in tourists, benefiting local economies; students, scientists and other interested individuals are among the visitors to such sites, which can only be a good thing for the local community and therefore Britain as a whole.
Though a geothermal power plant is expensive to build, maintenance and running costs are low, so that the overall cost is not as great as other energy sources in the long run. Geothermal energy costs around 9.5$/KWh, significantly less than biomass (13$/KWh), solar (15-20$/KWh) and many other renewable energy forms.
RELIABILITY
Geothermal energy is both stable and reliable, with the potential to last hundreds of thousands of years. As it needs no fuel (except for pumps) it is immune to cost fluctuations, which is a huge bonus compared to other energy sources. It is also not affected by changes in weather conditions, unlike wind, solar and tidal energies which rely on good weather! (Seeing as we live in Britain, reliance on good weather is not a good thing!)
RURAL ECONOMY
This energy form supplies thousands of quality jobs to rural areas. Although it could be argued that geothermal plants are generally situated far away from the cities where they are most needed, this means that they help to boost rural economies.
IMPORTS
Countries with only minor oil reserves can often become dependent on other countries for the majority of their energy. This makes such countries extremely vulnerable to price fluctuations. Using geothermal energy generally reduces foreign oil imports, because more and more people turn to geothermal energy and other renewable sources instead of unclean non-renewable sources.
TOURISM
Geothermal power plants often draw in tourists, benefiting local economies; students, scientists and other interested individuals are among the visitors to such sites, which can only be a good thing for the local community and therefore Britain as a whole.