Be thankful for entrepreneurs, scientists and engineers. They offset many of the sins of the political class and make our futures better. For decades, self-proclaimed environmentalists and their power-seeking political and media allies have been demanding the end of the use of fossil fuels — all in the name of saving the planet. We were also told we would run out of oil and natural gas, so renewables — mainly wind and solar power — were the only hope.
Geothermal energy, which harnesses the Earth’s internal heat, now appears to be a reliable and sustainable power source with vast untapped potential. Recent technological advancements have expanded geothermal energy’s feasibility in regions previously considered unsuitable. The cost of geothermal power is largely influenced by factors such as drilling expenses and the initial development of geothermal plants.
The marginal cost of electricity from solar is almost zero — the cost is all in the collection and installation. Once installed, there are no moving parts, and it can continue to produce electricity for decades. The problem is that the sun does not always shine, and thus for solar to be the single source of electricity, it needs to be stored in batteries or converted to fuels such as hydrogen. Fortunately, the cost of batteries is also falling rapidly.