Geothermal energy is heating up in India with a new player entering the game. Geothermal Core of Texas, USA has signed a letter of intent to invest a whopping Rs 820 crore in producing geothermal energy in Uttar Pradesh.
This is big news as geothermal energy is still in its early stages of development in India, but has massive potential in areas like the Western Ghats and North-Eastern region. With its growing population and economy, India needs to find new and sustainable sources of energy to meet the increasing demand. One such source is geothermal energy, which is still in its early stages of development in India but holds significant potential.
What is Geothermal Energy?
Geothermal energy is the heat captured inside the earth. It is produced by the natural radioactive decay of minerals in the earth’s mantle and is continuously available in the form of steam or hot reservoirs. This energy can be harnessed to generate electricity or heat buildings. It is a sustainable energy source because the heat is continuously generated and does not rely on any external fuel sources.
Potential for Geothermal Energy in India
India has a significant potential for geothermal energy, especially in the Western Ghats and the North-Eastern region. In the past, geothermal energy development in India has been limited due to a lack of technical expertise and high upfront costs. However, the Indian government has taken steps to tap into this potential by setting up geothermal power plants and offering incentives for private investment in the sector.
Benefits of Geothermal Energy
One of the main advantages of geothermal energy is its reliability. Unlike other renewable energy sources such as solar and wind energy, which are dependent on weather conditions, geothermal energy is available all year round. This makes it a continuous source of energy and eliminates the need for importing any type of fuel. Additionally, geothermal energy production has a low carbon footprint, making it an environmentally friendly energy source.
Investment in Geothermal Energy in India
In recent years, there has been growing interest in geothermal energy in India, and investment in the sector is on the rise. A foreign company has signed a letter of intent with the Uttar Pradesh government to invest Rs 820 crore in producing geothermal energy in the state. This investment is a welcome initiative and a sign that geothermal energy is becoming a more viable option for India’s energy mix.
Challenges and Solutions
Despite the potential and benefits of geothermal energy, the development of this energy source in India is still in its early stages and faces several challenges. One of the main challenges is a lack of technical expertise, which makes it difficult for companies to explore and develop geothermal energy sources. The Indian government can address this by offering incentives for private investment in the sector and by investing in research and development to improve the technology. Additionally, the high upfront costs associated with geothermal energy development can be mitigated by offering tax credits and subsidies to companies operating in this sector.
Bottomline
Geothermal energy is a promising renewable energy source for India with significant potential. The Indian government’s efforts to tap into this potential, combined with growing investment in the sector, make it an exciting time for geothermal energy in India. With its reliability and low carbon footprint, geothermal energy has the potential to play a significant role in India’s energy mix. The challenges of limited technical expertise and high upfront costs can be overcome with the right policies and investments, making geothermal energy a sustainable and viable option for India’s energy future.
Source: india times