The possibilities of harnessing the power of geothermal energy are being investigated for positive climate implications and value for the UKRF. Find out how.
Invesco Real Estate, which manages industrial real estate assets in the UK and Europe, conducted feasibility studies to use geothermal energy as the new heating source for a property in France. Geothermal energy uses the earth’s natural heat to provide energy to homes or businesses and/or generate electricity.
Currently, the property uses around 4 GWh of gas on average every year for heating, which is equivalent to driving the average car 4.3 million miles.
The preliminary studies showed that installing a geothermal doublet system could achieve the following savings1:
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Reduce on-site gas emissions by 46%
from 1,095t2 to 506t – equivalent to around 1.5 million miles or 60 trips around the world for the average car.
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Annual energy savings of 38%
from 4 GWh to 2.5 GWh – comparable to greenhouse gas emissions avoided by 364 tonnes of waste being recycled instead of landfilled.
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An overall reduction in the heating bill for the tenant of 28%.
Implementing the new geothermal system has positive climate implications and offers potential value for the asset owner, reinforcing the Trustee’s view that adopting Responsible Investment principles can help manage risk and achieve good outcomes for the UKRF.
1 https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator
2 Tonnes of carbon dioxide