Geothermal, like biomass-fired electricity and hydropower, offers some of the least-cost electricity of any source where good resources exist, with costs as low as USD 0.04/kWh at the most competitive projects. Between 2007 and 2014, the LCOE of geothermal varied from as low as USD 0.04/kWh for second-stage development of a field to as high as USD 0.14/kWh for greenfield developments.
Geothermal electricity generation is a mature, baseload generation technology that utilises steam or hot water from geothermally active areas to provide very competitive electricity where high-quality resources exist. Enhanced geothermal techniques can also make geothermal viable in areas without good resources. The cost of developing geothermal electricity projects has risen in line with civil engineering costs, particularly due to the increased costs of procuring drilling rigs. in 2009 total installed costs for geothermal power plant are around 60% to 70% higher than in 2000. Conventional condensing “flash” geothermal power generation projects that utilise high-quality geothermal resources have installed costs of between USD 1 900 and USD 3 800/kW for typical projects, while more expensive binary power plants to exploit lower-quality resources have installed costs between USD 2 250 and USD 5 500/kW.
Renewable Power Generation Costs in 2012