Price of electricity in Finland peaks at 2.35€/kWh today. Keeping my tiny granny cottage warm costs me over 50 euros for a single day. It's negative 25C (-13F) outside.
i.imgur.com
That massive spike of 50c/kWh at the left looks tiny compared to today even though that's already insanely expensive
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Older houses burn oil for heating the house and water but even most of them have heatpumps installed. New houses usually also have heatpumps or geothermal so direct electric heating is more and more uncommon. Apartment buildings generally all have district heating and even some private homes do.
Yes it's expensive but so is everything else too. Our houses are way better insulated than in most places though so that helps a little.
Geothermal is expensive and not worth it financially in many countries but when you are looking at 2.35€/kWh it seems like a great investment.
He doesn't mean geothermal in large scale but home level geothermal. It is actually very cheap and efficient technology.
Over half of the new houses in Finland are build with geothermal. It costs roughly 18 000€ to construct.