Much of the media and investment community has been focused on the potential for electric cars and solar in the last few years. The cleantech community invested about 60% of venture capital in the second quarter of 2009 in the transportation/fuel and solar energy sectors. One source of energy that hasn't gotten the research dollars in recent years but could provide a source of reliable, relatively cheap energy is geothermal. While generating a significant amount of geothermal energy is years away, Geothermal Heat Pumps are a proven technology and could provide immediate benefits to energy conservation, especially for campus settings like hospitals and long-term care facilities.

Geothermal Heat Pumps (also called GeoExchange, earth-coupled, ground-source, or water-source heat pumps) take advantage of the relatively stable temperatures underground which range from 45°F (7°C) to 75°F (21°C). The pumps exchange the heat or cool down the air through ground or water exchangers. The technology was first introduced commercially in the 1950's. While electricity is still required to run the pumps, the subsequent reduction in energy consumption is significant. In fact, a study sponsored by the Dept of Energy found that if the federal government set a goal for the U.S. buildings sector to use no more non-renewable primary energy in 2030 than it did in 2008, an estimated 35 to 40 percent of this goal could be achieved through aggressive deployment of GHPs.

Rendering of NewBridge on the CharlesThe largest ground source heat pump in the Northeast has just been put into operation at Hebrew Senior Life's NewBridge on the Charles in Dedham, MA. NewBridge on the Charles, which opened in June 2009, is an independent/assisted living facility which will add a 266-bed healthcare facility in November. The long-term healthcare facility is affiliated with Harvard Medical School. According to Ruth Stark, Director of Marketing for NewBridge, 95% of the facilities' heating and cooling needs are provided by the geothermal pump.

Ms. Stark cites several factors for the facilities' commitment to deploying the technology at the facility. "The seniors we serve are committed to the environment." In addition, she cited the Jewish tenet known as Tikkun Olam which means "repairing the world" as an additional factor for the decision. NewBridge estimates that its environmentally-friendly measures will reduce carbon emissions by up to 34% a year.

Financial incentives are also a factor. NewBridge estimates that the facility will save about $325,000 a year in energy costs and Hebrew SeniorLife expects a 7-year payback period on its investment.

While the average GHP system is more expensive to install than a regular air-conditiong unit, the federal government and several states provide tax credits to offset the installation cost. In 2008, for instance, Congress passed a commercial tax credit of 10% of the cost of the investment for systems installed from 2009 to 2016.