Savings and Benefits of using Geothermal Energy
On average, a geothermal heat pump system costs about $2,500 per ton of capacity, or roughly $7,500 for a 3-ton unit (typical residential size). In comparison, other systems would cost roughly $4,000 with air conditioning. When included in the mortgage, the homeowner has a positive cash flow from the beginning. For example, the extra $3,500 might add $30 per month to a monthly mortgage payment.
A home backup generator senses a power outage, turns on automatically, and delivers backup power to your home.
The energy cost savings will easily exceed this added amount over the course of the year. On a retrofit, geothermal energy’s high efficiency typically means much lower utility bills, allowing the investment to be recouped in three to four years. Currently there is a Federal Tax Credit of 30% of the total cost to install the entire geothermal system including the costs of electrical, ductwork, building the loop system, and the equipment costs. In addition, some utility companies have incentive packages that make the purchase of a geothermal system even less expensive, as well as discounted electrical rates for homes with geothermal systems.
Because they use fewer mechanical components and because those components are sheltered from the elements, geothermal heat pumps are durable and highly reliable. The underground piping used in the system often has 25 to 50 year warranties, and geothermal heat pumps typically last 20 years or more.
Like a typical forced-air furnace or central air-conditioning systems, a geothermal system uses duct work. A two speed geothermal heat pump is so quiet inside a house that users do not know it is operating. Geothermal heat pumps also improve humidity control naturally.
Geothermal heat pump systems have fewer maintenance requirements than more common heating and cooling systems. When properly installed, the underground components are virtually worry-free. The components in the living space are easily accessible, which increase the convenience factor and helps ensure that the upkeep is done on a timely basis.