cost geothermal energy

What is the cost of geothermal energy

Energy & Environment
Energy

Global geothermal power installed cost 2010-2021

Between 2010 and 2021, the average installed cost for geothermal energy worldwide ranged between 2,700 and 5,600 U.S. dollars per kilowatt, peaking at 5,509 U.S. dollars per kilowatt in 2012. In 2021, the average installed cost of geothermal systems stood at 3,991 U.S. dollars per kilowatt.

Average installed cost for geothermal energy worldwide from 2010 to 2021 (in U.S. dollars per kilowatt)

CharacteristicCost in U.S. dollars per kilowatt installed

2021	3,991
2020	3,483
2019	4,127
2018	4,354
2017	4,014
2016	3,849
2015	3,665
2014	3,743
2013	3,965
2012	5,509
2010	2,714

Source

More information

Survey time period

2010 to 2021

Special properties

Based on 2021 U.S. dollar values

Supplementary notes

The source did not provide the figure for 2011.

Statista Accounts: Access All Statistics. Starting from $468 / Year

Basic Account

Get to know the platform

You only have access to basic statistics.

Starter Account

The ideal entry-level account for individual users

Instant access to 1m statistics
Download in XLS, PDF & PNG format
Detailed references

$59 $39 / Month *

in the first 12 months

Corporate Account

Full access

Corporate solution including all features.

* Prices do not include sales tax.

Statistics on Geothermal energy in the U.S.

Overview

Premium Statistic Global geothermal energy capacity 2009-2021
Premium Statistic Global geothermal capacity additions 2021, by country
Premium Statistic Global geothermal cumulative capacity by country 2020
Premium Statistic Global geothermal energy produced in 2020, by country
Basic Statistic Global geothermal power installed cost 2010-2021
Premium Statistic Global average LCOE of geothermal energy 2010-2021
Premium Statistic Global geothermal capacity outlook by region 2025

Geothermal plants

Premium Statistic Renewables: total geothermal power capacity in the U.S. 2018
Premium Statistic U.S. renewable energy: leading states in geothermal capacity 2018
Premium Statistic U.S. geothermal power plants 2021, by state
Basic Statistic World's largest geothermal stations 2021

Electricity production

Premium Statistic Net power production in the U.S. 1950-2021
Basic Statistic Electricity generation in the U.S. 1990-2021, by fuel
Premium Statistic Geothermal power generation in the U.S. 2005-2021
Basic Statistic Energy capacity factors in the U.S. 2021, by source

Consumption

Basic Statistic Geothermal energy consumption in the U.S. 2006-2020
Premium Statistic U.S. state geothermal electric power consumption 2020
Basic Statistic U.S. geothermal energy consumption 2021, by sector
Premium Statistic Industrial sector's geothermal energy consumption in the U.S. 2009-2021

Industry

Basic Statistic O&M costs of new power plants in the U.S. 2021, by technology
Basic Statistic Employees in power generation sector in the United States Q4 2021, by energy source
Basic Statistic U.S. utility employment by energy technology Q4 2021

Further related statistics

Premium Statistic Geothermal installed capacity 2014-2018
Premium Statistic Geothermal energy capacity in Mexico 2012-2021
Premium Statistic U.S. geothermal electricity generation 2015-2050
Premium Statistic U.S. geothermal electricity production by state and utility type 2019
Premium Statistic Global geothermal capacity installations by region 2015
Basic Statistic Geothermal power - projected generation worldwide 2015-2021
Premium Statistic U.S. geothermal renewable electricity generation capacity 2015-2050
Premium Statistic Installed geothermal power generation capacity forecast in China 2020-2050
Premium Statistic Number of geothermal power plants in Italy 2003-2020
Premium Statistic Geothermal energy generation in Latin America 2011-2020
Premium Statistic Forecast of the geothermal power generation capacity Japan 2021-2031
Premium Statistic U.S. households utility bills: energy costs by income category 2012
Premium Statistic Perception of impact of fracking to extract shale gas on energy costs in the UK 2013

Further Content: You might find this interesting as well

Statistics

Geothermal installed capacity 2014-2018
Geothermal energy capacity in Mexico 2012-2021
U.S. geothermal electricity generation 2015-2050
U.S. geothermal electricity production by state and utility type 2019
Global geothermal capacity installations by region 2015
Geothermal power - projected generation worldwide 2015-2021
U.S. geothermal renewable electricity generation capacity 2015-2050
Installed geothermal power generation capacity forecast in China 2020-2050
Number of geothermal power plants in Italy 2003-2020
Geothermal energy generation in Latin America 2011-2020
Forecast of the geothermal power generation capacity Japan 2021-2031
U.S. households utility bills: energy costs by income category 2012
Perception of impact of fracking to extract shale gas on energy costs in the UK 2013

Statista Accounts: Access All Statistics. Starting from $468 / Year

Learn more about how Statista can support your business.

How much does it cost for geothermal energy?

On average, a homeowner can expect total expenses to reach between $18,000 to $30,000 on geothermal heating and cooling cost. This cost would cover a complete geothermal installation. The price can range from $30,000 to $45,000 with high-end ground-source heat pump systems for large homes.

Is geothermal energy cheap to run?

According to the US Environmental Protection Agency, “geothermal heat pumps are the most energy-efficient, environmentally clean, and cost-effective systems for heating and cooling.” They're predictably low-maintenance, don't burn expensive fossil fuels, and can reduce energy bills by 65% or even more.

Does geothermal energy cost a lot?

Your electric usage will increase with geothermal, but that additional cost won't be divided equally throughout the year. Your electric bill will likely be lower in the summer than you paid previously. You'll be spending less money overall than when heating with oil or propane – even with an increased electric bill.