- Renewable energy demand has seen a further increase on the back of rising utility costs
- Orlando’s Utility Commission recently introduced its third utility price hike of the year and have warned of another potential increase come January 2023
- Meanwhile, solar energy prices have now fallen below those of conventional, fossil-fuel generated energy
- GeoSolar Technologies proprietary home solution provides homeowners with a mix of lower utility costs and energy independence
Speaking at the United Nation’s Climate Change Conference (COP26) last year, Richa Sharma, leader of the Indian delegation stated “The meagre carbon budget is first and foremost the right and entitlement of developing countries” (https://ibn.fm/UMDqX). At the time, Sharma was arguing that developing nations should be given first right towards using carbon-intensive fossil fuels to drive their respective economies in the face of global carbon emission quotas; in fact and only months prior to the meeting, the International Energy Agency had forecast that India’s installed capacity of coal would grow by 80 percent between 2018 and 2040 (https://ibn.fm/GRRx7). A year later, the agency saw fit to revise down that figure to just 10 percent. Renewable energy sources like wind and solar have seen their cost structures decline dramatically in recent years, arriving at cost parity with fossil-fuel powered energy sources in several global markets. The decline in renewable energy costs coupled with the exponential rise in fossil fuel prices have led to a dramatic increase in renewable energy demand, a phenomenon which the likes of climate technology company GeoSolar Technologies (“GST”), are seeking to capitalize on.
Despite their higher upfront costs – it costs an average of $18,000 to install a 6kW grid-tied solar system, solar energy home systems have long posed an attractive investment proposition for homeowners. Solar panels have a usable lifespan of 25 years on longer; homeowners who install solar panels tend to break even within six to ten years due to utility bill savings (https://ibn.fm/dJ6Pc) providing for an attractive return on investment. Whilst the investment case for solar panels has been generally well-understood, recent, volatile moves in hydrocarbon prices – US natural gas prices spiked to a 14 year high in August – have served as a further incentive for homeowners seeking to shift towards renewable energy sources.
Florida’s Orlando Utilities Commission (“OUC”) lately provided a stark illustration of the ongoing paradigm shift within energy prices. The municipal utility recently approved a rate increase for most of its residential customers, leading utility bills to rise by anywhere between $5 to $15 a month. Having already been obliged to raise rates thrice this year, the OUC did not rule out a further hike come January. However, and unlike electricity generated from fossil fuels, solar energy prices have remained unchanged.
OUC’s Chief Financial Officer, Mindy Brenay elaborated on the change in electricity pricing as well as the relative attraction of solar power in the current environment.
“Community solar has [historically been priced at a premium over traditional fuel pricing, and that has been the case since we have implemented solar. The price of solar has continued to come down, but it has traditionally been higher than our standard fuel price Now with this unusual spike we’re seeing in fuel, we want to do everything we can to lower the fuel costs. So, these solar costs, which are now actually lower than our traditional, are being blended in to give all customers the opportunity to share in those lower costs from solar,” (https://ibn.fm/eD9Nk).
GeoSolar Technologies have sought to build upon the growing move towards solar energy adoption thorough a multi-pronged approach which looks to electrify homes using green energy sources. From solar panels on roofs through to geothermal heat pumps which take advantage of the warmth of the earth’s core and advanced CERV 2 air purification systems designed to manage indoor air quality in an efficient and intelligent manner, GeoSolar’s proprietary SmartGreen™ Home solution has been designed to dramatically increase the energy efficiency of a conventional household. Moreover, the technology voids the need for households to depend on conventional utilities or pay utility bills. In fact, a study carried out by the company found that a traditional utility-powered home would possess a carbon footprint of upwards of 8 tons of CO2/year whilst paying annual utility bills of $2,700; in contrast, a GeoSolar-powered home would result in a negligible carbon footprint whilst disbursing less than $100 per annum in utility bills (https://ibn.fm/AGcTL).
Providing homeowners with a heady combination of lower utility costs and ultimate energy independence, GeoSolar Technologies and its proprietary energy solution find themselves ideally situated to satisfy one of the fastest growing sources of consumer demand in the United States, today.
For more information, visit the company’s website at www.GeoSolarPlus.com.
NOTE TO INVESTORS: The latest news and updates relating to GeoSolar Technologies are available in the company’s newsroom at https://ibn.fm/GST
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