Challenge
The need for rapid growth of the application of geothermal heating and cooling technology in most Member States will be a challenge in terms of market development, increasing consumer/developer appeal and encouraging new participants to join the GSHP installation industry (mostly SMEs) as well as meeting cost and quality expectations.
Objectives
GEOTeCH project aims to stimulate and promote greater utilization of renewable heating and cooling using shallow geothermal GSHP systems through advancement of innovative drilling and ground heat exchanger technologies that are significantly more cost-effective, affordable and efficient than current technology.
Socio-economic impact
The Energy Efficiency Directive sets out measures to achieve further savings in energy supply and use. Indeed buildings represent one of the biggest potential of unused energy savings. They are responsible for about 40% energy use and 80% of CO2 emissions. The renewable energy industry is a booming sector with a promising future. Investors can invest in company specialized in geothermal energy via online brokers offering CFDs, binary options or directly by buying company shares.