Exploring Geothermal Exchange: A Greener Future for Real Estate
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Episode Transcript:
Today, we're diving into the world of geothermal exchange technology, a sustainable solution that's making waves in the commercial and residential real estate market.
Our spotlight today falls on Subterra Renewables, a Toronto-based company with over 25 years of experience in harnessing the Earth's natural resources to heat and cool buildings. They've completed countless geothermal exchange installations, reducing greenhouse gas emissions by nearly 13 million pounds and showing no signs of slowing down.
Even with their impressive track record, Subterra's Chief Revenue Officer, Kareem Mirza, often finds himself in the position of an educator when meeting new clients, especially as they expand into the U.S. market. You might be wondering, what's the mystery behind geothermal exchange?
Kareem explains it as a "simple heat exchange process." It's not about tapping into the Earth's fiery core like in Iceland; instead, it's more like a thermal battery. Geothermal exchange wells are drilled to about 1,000 feet, reaching a constant 55 degrees Fahrenheit. The Earth acts as a storage unit, collecting heat in the summer and cold in the winter, reducing a building's reliance on fossil fuels.
So, are there any drawbacks? Well, not really. Subterra charges a flat annual fee, covering all the heating and cooling you or your tenants need. No need for meters; the system balances itself out. Imagine your neighbor blasting cool air while you're cozy and warm, and your bills stay the same.
Now, you might be concerned about the risks. Are you taking a leap of faith by switching to a geothermal system? Not really. Subterra follows an "energy-as-a-service utility model," doing all the studies, tests, and designs at their own risk and without any upfront costs from you.
Their goal? Providing heating and cooling at a lower cost than conventional systems. They guarantee the price, covering everything from liability to maintenance, and after 30 to 50 years, you can even take ownership of the whole system.
Having in-house expertise and a fleet of drilling rigs makes the process a breeze. You won't even notice them during construction because they've already set up the geothermal wells.
And guess what? It's not just for new buildings; Subterra can retrofit existing ones too. They're even eyeing places like New York City for these eco-friendly transformations.
For U.S. building owners, there are government incentives, like tax credits, for converting to renewable energy. With Subterra, you can say goodbye to dirty fossil fuels and embrace sustainable heating and cooling.
Whether it's a single-family home, a towering skyscraper, or a sprawling campus, geothermal energy exchange has the potential to revolutionize how we heat and cool our spaces. It's a game-changer, and Subterra is leading the charge.
This is Tyler Cauble, Signing off