Geothermal FAQ Savings:
Geothermal systems save money, both in operating costs and maintenance costs. Investments can be recouped in as little as three years. There is a positive cash flow, since the energy savings usually exceeds payment on the system.
The initial investment for a geothermal system is greater than that of a conventional system. However, considering the operating costs of a geothermal heating, cooling and water heating system, energy savings quickly offset the initial difference in purchase price.
Costs will vary greatly depending on individual building factors such as heat loss/gain, insulation and heat distribution. On average, a geothermal system for a typical home of 2,000 square feet will cost from $14,000 to $18,000. This represents somewhere around double the costs of a conventional heating, cooling and hot water system. When it comes to payback, Geomax owners often see a 5 – 8 year payback of these additional costs.
Expect an installation charge for any electrical work, ductwork, water hook-up, and other provisions or adaptations to your home that may be required. The installer can estimate these costs in advance.
Right now there's an uncapped 30% tax credit. To see what your state has to offer visit the energy star Web site.
Although heat pumps normally cost more to install than conventional systems, the increased comfort, lower energy and maintenance costs result in customer satisfaction.
Yes. More and more home appraisers and Realtors are educated and acknowledge a geothermal system as a renewable energy source with greater value.
Experts believe 18-23 years of serviceable life is expected from ground source heat pumps. This is nearly double that of conventional systems.
A high-density polyethylene pipe is used in a closed loop system and has a 50-year warranty. Independent tests show a useful life span of over 200 years.
Nearly all geothermal system manufacturers offer a warranty for major components that is equivalent to the warranties for conventional heating and cooling systems. Manufacturers of plastic pipe used for ground loops typically warrant their products for 50 years.
Geothermal tax incentives
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