Over the last few years, the initial costs have come down quite a bit.
Although geothermal heating and cooling has gained recent popularity across the country, it’s not a new technology. The principle was actually used in Roman times. Geothermal heat pumps take advantage of the renewable, free and natural thermal energy found underground to heat or cool the home. Only a small amount of energy is required to run the equipment. The geothermal system actually produces four times the amount of energy it uses, achieving a 400% efficiency rating. According to the US Environmental Protection Agency, geothermal systems are the most environmentally-friendly option on the market. Switching to this type of temperature control can save homeowners up 70% on heating bills and up to 50% on cooling costs. Plus, with the addition of a minor switch, the geothermal heat pump can provide a virtually free source of domestic hot water. With regular maintenance the indoor component can be expected upwards of twenty years. The ground loop is typically warrantied for fifty years and should provide reliable operation for over one hundred years. While the installation of a geothermal system is far more expensive than a more conventional alternative, it adds considerable value to the home. For the average homeowner, the investment will pay for itself in energy savings in approximately five years. Over the last few years, the initial costs have come down quite a bit. There are incentive programs and tax rebates available to further offset the start-up expense. Certain financial institutions now offer home buyers larger mortgage opportunities if they buy a house with a geothermal system. Safe, clean and quiet, a geothermal system is an ideal solution for year round comfort.