Geothermal power projects require high capital investment for exploration, drilling wells and installation of plant, but have low operating costs because of the low marginal cost of fuel. Return on investment is not achieved as quickly as with cheaper fossil fuel power plant, but longer term economic benefits accrue from the use of this indigenous fuel source.
Construction costs of geothermal plants can vary widely, depending on local conditions and range from a minimum of $1.1 million to $ 3 million per megawatt. The DOE has calculated an average cost of $1.68 million for geothermal plants built in the Northwest of America in the last two years, where the bulk of US plants are situated or planned. However, while this is high in comparison with gas power, which can be as low as $460,000 per megawatt, the operating cost can be lower because there is no cost of fuel.
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