Part 9/10:
The future of geothermal energy pivotally rests on its economic viability compared to other energy sources. Currently, onshore wind energy stands as the cheapest energy form, while Quaise’s version of geothermal energy could cost around $115 per megawatt hour. The feasibility of scaling up and achieving lower costs is vital, especially in light of developments in competing energy sectors which chaos the landscape of energy generation.
Quaise’s estimates suggest that drilling costs could accumulate to $19 million for a detailed borehole plan, not including operational electricity costs, which could further strain financial viability without significant technological breakthroughs or subsidization in production costs.