Icelandic society saved ISK 57 billion (USD 463 million, EUR 308 million) in 2008 by using geothermal energy for heating compared to what it would have cost to use fossil fuels, according to new calculations by the National Energy Authority (OS).
Harnessing geothermal energy in Iceland. Photo by Páll Stefánsson.
Jónas Ketilsson, geothermal energy expert at OS, said Icelanders have saved ISK 880 billion (USD 7.2 billion, EUR 4.8 billion) through geothermal heating since 1970, assuming a two percent real yield, visir.is reports.
Ketilsson added that although energy usage would probably be lower if more expensive energy sources like electricity or oil were used, the amounts saved by using geothermal energy would still be still vast.