In 2021 well over 20% of Iceland’s total energy consumption came from renewable sources, mainly hydropower and geothermal energy and almost 100% of Iceland’s electricity was generated using renewable energy, once again, mainly in the form of hydroelectric power and geothermal energy.
Not having to import fossil fuels has also resulted in significant financial savings for Iceland. It has been estimated that the annual macro-economic benefits of geothermal district heating in Iceland make up 7% of its GDP, which amounts to approximately 3,000 USD per person per year. The Icelandic government also believes that exploiting geothermal energy for space heating alone saves Iceland 100 million USD in imported fossil fuels every year and over the past 30 years, switching to geothermal energy has saved Iceland an estimated 8.2 billion dollars.
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