What’s the real-life price tag of a geothermal system?
The geothermal heating and cooling prices in this article are calculated before any local utility incentives or the 26% federal tax credits - which were recently extended by congress through the end of 2022.
On average, a homeowner can expect total expenses to reach between $18,000 to $30,000 on geothermal heating and cooling cost. This cost would cover a complete geothermal installation. The price can range from $30,000 to $45,000 with high-end ground-source heat pump systems for large homes. It is crucial to remember that the size of your home, the location, types of soil, available land, local climate usability and condition of existing ductwork, and your choice of heat pump will influence the total geothermal heating cost required to invest.
Because there is a 12% annual growth in the geothermal heating and cooling market, due primarily to the increase in demand for highly efficient HVAC systems that leverage sustainable energy, consumers’ costs have been positively affected.
Compared to geothermal costs of a decade ago, the pricing structure is becoming more competitive, thanks to the fact that there are more manufacturers offering ground source heat pumps, and more experienced and efficient installers.
Who Should Consider a Geothermal System?
Though geothermal is an ideal way to heat and cool a home, there are a few factors to consider when deciding if the time is right for a ground source heat pump system in your home.
Reducing Emissions: If reducing your carbon imprint is important to you, there’s no better solution.
According to the Environmental Protection Agency, geothermal ground source heat pump systems are one of the most energy-efficient, environmentally clean, and cost-effective space conditioning systems available.
Settling in
The longer you intend to stay in your current home, the more cost-effective a geothermal system is in the long run. If you’re planning to move, chances are you won’t see the benefit of your investment. But if you’re in your dream home to stay, there’s little on the market that can give you the payoff a geothermal unit can.
Ideal landscape and retrofitting
If you have the ideal location for setup, your upfront cost will be lower. Having room in your yard for a horizontal loop system, is the best option for lowering costs. Plus, if a ground source system can be fitted with your current ductwork or hydronic system with little or no modification, your costs will be lower than if major changes must be made.
The weather and payoff
The more extreme heat or cold in your climate, the faster you will recoup your investment through lower energy costs. Living in climate extremes apparently can have its perks.
Even though the initial costs of installing a geothermal heat pump can be intimidating, when given the long-term benefits, government and potential local tax incentives for homeowners to install, and the eventual savings payoff, there’s never been a better time to consider switching to geothermal heating and cooling.
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Post time: Sep-08-2022