- U.S. Department of Energy recently announced Biden administration plans to reduce geothermal system costs by 90% to $45 per megawatt hour by 2035
- GeoSolar’s SmartGreen(R) residential and commercial energy systems leverage solar and geothermal energy to dramatically lower or eliminate utility bills
- Additional SmartGreen(R) system customizations include tightening building envelope, insulation upgrades, LED lighting replacement, EV charging infrastructure
The U.S. Department of Energy (“DOE”) recently announced that the Biden administration plans to reduce geothermal system costs by 90% to $45 per megawatt hour by 2035 (https://nnw.fm/JJHUW). Increased awareness and mainstream adoption of the technology will likely benefit Colorado-based GeoSolar Technologies Inc., a leading climate technology company that develops and markets SmartGreen(R) – a residential and commercial energy system that taps into renewable energy sources to dramatically lower or eliminate utility bills.
SmartGreen(R) revolutionizes how residential and commercial building owners heat, cool and power electric appliances and vehicles by leveraging innovative solar and geothermal technology. The company continues to validate SmartGreen(R) throughout multiple test markets with plans to market the system to millions of homes in both warm and cool climates across the United States.
“The United States has a vast, geothermal energy resource lying right beneath our feet, and this program will make it economical to bring that power to American households and businesses,” said U.S. Secretary of Energy Jennifer M. Granholm. “DOE’s Enhanced Geothermal Shot will move geothermal technology from research and development to cost-effective commercial adoption, helping energy communities and workers transition to producing clean energy for the future.”
According to the DOE, a small fraction of the country’s geothermal energy could affordably power over 40 million American homes, furthering the Biden administration’s goals to hit 100% pollution-free electricity by 2035 and net-zero emissions by 2050. The initiative also presents an opportunity to transition skilled workers from the fossil fuel industry to the “clean” energy sector.
SmartGreen(R) accesses geothermal energy by drilling wells 300-400 feet below the earth and inserting high-density polyethylene pipe ground loops to extract power and disperse it throughout the home. In addition to leveraging the power of geothermal technology, the system provides an entire home makeover that includes photovoltaic (“PV”) solar systems, insulation upgrades, LED lighting, building envelope tightening, and other measures to conserve energy and improve efficiency.
SmartGreen(R) will soon be accessible to millions of homes across the United States with 100% financing options, tax deductions and utility incentives. In addition, GeoSolar was recently qualified by the U.S. Securities and Exchange Commission to conduct a Regulation A+ capital raise.
For more information on GeoSolar’s Regulation A+ capital raise, please visit https://www.manhattanstreetcapital.com/geosolar-technologies-inc.
For more information on GeoSolar, 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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