A new paper in Energy Policy finds geothermal energy is the most efficient renewable energy alternative and is improving the fastest.  This source of energy, largely untapped, covers large swaths of the western United States. Citing a US Department of Energy Study, she states “The amount of geothermal energy is enormous; scientists estimate that United States hot dry rock resources could supply all of the United States primary energy needs for at least 30,000 years”.  The author of the paper, NYU Stern Professor Melissa Schilling, states in her abstract that “R&D for wind and geothermal technologies has been under-funded by national governments relative to funding for solar technologies, and government funding of fossil fuel technologies might be excessive given the diminishing performance of those technologies.”

The press release from NYU Stern summarizes key findings of the paper:

• “Geothermal energy is the most efficient renewable energy alternative and is improving the fastest. Wind energy is second.”
• “Fossil fuel technologies are no longer improving (in terms of efficiency) much – if at all. These technologies have likely reached their performance limits, though the government still spends far more on them.”
• “Geothermal energy could become cheaper than fossil fuels with R&D spending of as little as $3.3 billion.”