Does geothermal energy represent a business opportunity?

Technological advances create numerous opportunities for businesses. For example, energy production has long been largely monopolized by a few large businesses capable of operating large-scale energy production facilities.

However, that has slowly shifted in recent years. Individual homeowners now install wind turbines and solar panels on their homes to offset their home electrical use. Farmers and businesses may also install larger renewable energy production facilities around the state as a means of reducing environmental impact or generating revenue.

Renewable energy production and other green technological advances often represent business opportunities for investors and existing organizations. Companies in Colorado may want to explore whether geothermal energy production could be a viable means of reducing operating costs, diminishing negative environmental impact and producing company revenue.

What is geothermal energy?

Geothermal energy production takes advantage of differences between ground temperature and the temperature significantly below grade. There are multiple different types of geothermal energy that all require different infrastructure.

Geothermal energy production harnesses the difference in temperature as a means of producing electricity. There are also complex geothermal heating and cooling systems that can reduce reliance on fossil fuels for residential properties or business facilities to regulate building temperatures.

Colorado may not seem like the ideal location for geothermal energy production. However, an analysis of opportunities on a state-by-state basis ranked Colorado as the best location for geothermal energy production in the entire country.

Entering the field can be a challenge

As is true of any major business endeavor, moving into the geothermal energy sector is a complex undertaking. The process requires many steps, including securing appropriate permits and contracting with the right businesses. Securing approval from local authorities can sometimes be a challenge.

Particularly in scenarios where a business wants to develop a large-scale energy production facility, there could be community pushback. While many people embrace renewable energy projects, some people compare geothermal energy to fracking and may express concern about the impact that it could have on soil stability or even local wildlife.

Business leaders hoping to tap into a new and expanding market may need help developing business plans and ensuring compliance with all applicable statutes, and that’s okay. Exploring the possibility of producing geothermal electricity could be the start of an exciting new business endeavor.