New Study Finds Geothermal Energy the Most
Efficient Renewable Energy Alternative and Improving the Fastest
NEW YORK, Jul 15, 2009 -- BUSINESS WIRE
As the Obama Administration pushed the energy bill through the House,
government organizations and corporations are assessing renewable energy
alternatives. Which are the most efficient and improving the fastest?
According to a new study from NYU Stern, geothermal and wind energy are more
efficient, and are yielding greater returns on the R&D invested in them,
than most other renewable energy alternatives.
NYU Stern Professor Melissa Schilling, an expert in strategic management and
technology and innovation management, finds that the cost of generating
electricity with geothermal or wind energy is a fraction of the cost of
solar energy. More important, the performance of both is improving much more
per dollar of R&D invested in them than solar technologies. This is the
first study to explore the trajectory of performance improvement of
renewable energy alternatives.
She examined data on government R&D investment and technological improvement
and found:
-- Geothermal energy is the most efficient renewable energy alternative and
is improving the fastest. Wind energy is second.
-- Fossil fuel technologies are no longer improving (in terms of efficiency)
much - if at all. These technologies have likely reached their performance
limits, though the government still spends far more on them.
-- Geothermal energy could become cheaper than fossil fuels with R&D
spending of as little as $3.3 billion.
-- Both geothermal and wind energy technologies have been underfunded by
national governments relative to funding for solar technologies, and
government funding of fossil fuel technologies might be excessive given
their diminishing performance.
The full paper was recently published in Energy Policy and is available at:
http://w4.stern.nyu.edu/news/docs/JEPO_Technology_S_Curves.pdf.
To speak with Professor Melissa Schilling about the study, please contact
her directly at 212-365-0118 and mschilli@stern.nyu.edu; or contact Jenny
Owen in NYU Stern's Office of Public Affairs, at 212-998-0561 and jenny.owen@stern.nyu.edu.
SOURCE: NYU Stern
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