According to the Gulf Power website and the U.S. Department of Energy, geothermal technology is the most energy-efficient and environmentally clean space-conditioning system available today. In addition, geothermal systems have the lowest life-cycle cost of any heating, ventilation and air conditioning (HVAC) system. The EarthSpar™ can greatly expand the use of this incredible powerhouse of energy and money savings by significantly reducing the cost of entry.
The market this technology addresses is projected to grow at 13.4% CAGR through 2020 with the present ground loop installation costs. With the use of this technology, Promethient estimates that the growth can be much greater than presently predicted.
The economic and societal impact of this technology will be achieved in many ways. Economically, reducing the barriers to use the most efficient heating and cooling system known, the end consumer will reduce their monetary outlay for energyallowing tight budgets to be expanded for other essentials. Expanded use of GSHP’s driven by the greatly reduced cost of installation provided by the EarthSpar™ will reduce overall electrical demand and as importantly, reduce peak demand on the grid.
Utilities and end consumers will feel the positive impact of this new technology. In winter peaking areas and summer peaking areas alike, demand peaks can be shaved, allowing the existing infrastructure to function without overload. Reduced demand peaks also diminish the need to build new power plants. Utilities instituting Demand Side Management are beginning to promote GSHP technology. In addition, for summer peaking utilities, solar PV electric generation peaks coincide with high consumer cooling requirements. Powering GSHP’s with solar electricity further ‘greens’ the technology.
Reduction in greenhouse gases associated with fossil fueled power plants will be aided by the adoption of the EarthSpar™ technology. According to Oak Ridge National Laboratory, one ton of geothermal heat pump capacity over a 20-year operating cycle avoids CO2 emissions of 21 metric tonnes.
An added area of impact is the contemplated use of the EarthSpar™ system for the installation of shallow water wells appropriate for irrigation, drinking water supply, humanitarian water sources and forward base rapid deployment water well insertion.