Use geothermal to offset the spiking prices of fossil fuels
The change of seasons might as well be gambling season for those who rely on fossil fuels to heat and cool their homes. The market for fossil fuels is often volatile, meaning homeowners can see the price for conditioning the air in their homes skyrocket at times throughout the year.
A new report by the Union of Concerned Scientists (UCS) shows using systems such as geothermal heat pumps can offset those spiking prices. The Natural Gas Gamble, as the UCS study is called, proposes that power companies could be driving energy users ever-escalating energy bills by promoting things like natural gas instead of energy-efficient options and renewables. The reliance on fossil fuels like natural gas by power agencies gives end users no definitive price ceiling.
“Increasing demand, extreme weather events and uncertainties about available gas supplies can cause prices to spike dramatically,” said Jeff Deyette, senior energy analyst at UCS and the report’s co-author. “
The volatility within the fossil fuel market makes options such as geothermal viable energy options. As those fuels ebb and flow, geothermal energy costs remain constant at about $2,000 to heat and cool the average American home annually.
The use of standard heat pumps and furnaces using natural gas can run from $3,000 to more than $6,000 to condition air in the same home.