The Advantages of Businesses Using Geothermal Power
From California’s ramping up of geothermal reliance to the efforts of Tesla to reinvent the electric car, changing up conventions has been a priority of political parties and private corporations in recent years. For businesses, making use of alternative energy sources can be exactly what you need to develop a more attractive and cost-effective business model.
However, you may feel dismayed by modern obstacles to alternative energy sources. For instance, the cost or suspect reliability of wind and solar may have you questioning what's possible in terms of powering your business. One avenue you may not have considered, however, is that of geothermal power.
Geothermal energy draws directly from the power within the Earth to generate clean and efficient business processes. Right now, businesses across industries are recognizing the value of this energy in powering their own endeavors. You should, too.
The Role of Geothermal Energy in Business
First, it might help to define what exactly geothermal heating is and how it works.
Geothermal energy is derived from the heat that exists right beneath our feet. The Earth is constantly generating this power and will never stop doing so. This makes geothermal power an excellent source of renewable energy that can be harnessed through clean, minimal-electricity processes.
As a result, businesses can tap into this power to cut down on their use of unsustainable fossil fuels. But you may be asking, isn't geothermal energy only available in regions of the world with volcanic activity?
While certain areas definitely have higher outputs of geothermal energy to tap into, it is a common misconception the geothermal power is only accessible in certain places. The Earth absorbs about 50% of the sun's power into the ground, and this energy is available to be tapped from more places than you might think. With the right system, you can make use of geothermal energy to sustainably power your business needs.
Right now, one of the most common uses for this energy is the heating and cooling of homes and offices. A ground source heat pump gathers the needed power and distributes it throughout a building in a much more energy-efficient method than your traditional HVAC system. Additionally, steam generated from this underground heat can be used to power everything from health spas to melting roadway ice.
For a wide variety of businesses in a wide variety of places, this clean energy source can be used to develop a host of business benefits.
Why Companies Should Use Geothermal Energy
For any business exploring how they can make use of alternative energy sources without breaking the bank, geothermal power is worth looking into. While it's true that this energy source isn't right for everyone, its utilization is broader and more impactful than you might think.
From the money you'll save in cutting down on your energy costs to the sustainability benefits that will reverberate down to your customers, geothermal power can make a difference in the success of your venture.
Here's are the benefits you should keep in mind:
While the cost of a geothermal heating installation is typically in the range of $30,000, such a system has been shown to save up to 80% of the costs associated with maintaining a building's temperature. This can make for a worthwhile investment in just a matter of years.
Additionally, you’ll likely be able to obtain some sort of grant or funding that allows you to mitigate the overhead cost of this investment. With all kinds of environmental grants and loans out there for businesses looking to implement sustainability, there are ample opportunities out there that can you save money on a geothermal investment.
This will maximize your ability to turn a profit while doing what's best for the environment.
The money you'll be able to save through renewable energy doesn't stop at your utility bill. Tax deductions are another element that businesses can take advantage of when filing their federal income tax obligations.
For example, tax deductions of up to $1.80 per square foot are available to qualifying businesses that meet energy efficiency standards. Geothermal power can be key in allowing you to take advantage of these savings. Then, other tax credits may be available depending on your upgrades.
Finally, businesses that integrate sustainability measures like geothermal power experience a host of other benefits throughout their organization. As an ethical standard now expected by consumers, the power of sustainability is far-reaching.
The following are just a few measurable ways businesses have experienced these benefits:
- 58% of American consumers are more likely to buy goods from a company that is mindful of its environmental impact.
- Business leaders in environmental sustainability outperform competitors on the stock market by 25%
- Companies with a proactive environmental approach experience a greater ability to recruit and retain talent.
With so much potential from integrating alternative, sustainable energy sources, your business can thrive. As you save money, grow your customer base, and improve your ability to keep employees, you’ll build a business that is ready for the future.
Understand the advantages of geothermal power for all your business needs, then explore if this alternative energy source is right for you. If so, you just might make the strides necessary to thrive in the post-pandemic marketplace.
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