The competitiveness of geothermal energy technologies is shaped by economic, technological, environmental, and policy factors, increasingly evaluated beyond Levelized Cost of Electricity (LCoE) to include lifetime performance, socio-economic benefits, and supply chain resilience. Geothermal offers high load factors, long operational lifetimes, stable generation costs, and the ability to provide baseload and flexible electricity, heating, cooling, and energy storage, making it a strategic resource for the EU’s decarbonisation, energy security, and industrial competitiveness goals. Recent studies confirm its competitiveness while highlighting the need for continued research and innovation to reduce costs, improve efficiency, and expand European manufacturing. Capital costs for geothermal electricity remain higher than utility-scale PV or onshore wind but are comparable to offshore wind and offset by long lifetimes and low running costs. In heating applications, geothermal already outperforms many renewable and fossil-based alternatives, especially in volatile energy markets. Non-cost advantages—minimal land use, near-zero emissions, low environmental impact, job creation, and synergies with existing oil and gas expertise—further strengthen its role, supported by EU manufacturing capacity under the Net Zero Industry Act.