Last week, Google’s parent company, Alphabet Inc., launched a geothermal start-up focused on the residential market. The new company, called “Dandelion,” is poised to capitalize on a geothermal energy market expected to grow from $34 billion in 2016 to $57 billion in 2024.
Existing geothermal systems for homes can cost upwards of $60,000. Dandelion’s product, which employs a fast, lean drill to punch two deep holes in your backyard, is expected to cost between $20,000 and $25,000. The two-hole loop system allows for use of geothermal heating in the winter and cooling during the summer.
The company’s initial target market is focused on the northeastern United States, where traditional home-heating systems are based on oil or propane. Roughly 2 million homes in New York alone are still dependent on these fossil fuels.
The Dandelion system offers the average homeowner an opportunity to save anywhere between $35,000 and $63,000 on their energy costs over 20 years.
Using geothermal would also help in the fight against climate change. Dandelion could prevent each household from releasing between 110 and 130 tons of CO2 into the atmosphere over the next two decades.