Is geothermal heating and cooling worth the cost?

What are the pros and cons of geothermal heating? The pros would be that they are extremely efficient and will work around 400% better than a traditional furnace. This is also renewable energy so it is good for you, good for the environment, and good for your energy bill. Your energy bill will reduce significantly.

How much does a geothermal system cost to install?

The national average cost to install a geothermal heating or cooling system is $8,073, with most homeowners spending between $3,422 and $12,723. Including equipment and variable excavation costs, total prices can exceed $20,000. Geothermal heat pumps come in 2 to 6-ton units and average between $3,000 and $8,000.

How much money can a homeowner save by using geothermal heating?

Numbers from US Environmental Protection Agency (EPA) show that homeowners using geothermal systems may realize savings of 30-70% on heating costs and 20-50% on cooling costs, compared to other conventional systems. That can translate to savings of $1,500 annually.

How long does it take for geothermal to pay for itself?

The payback period for a typical geothermal heat pump system, or the time it takes to save your upfront investment in the form of reduced energy costs, is between 5 and 10 years, according to the Department of Energy.

How much does it cost to install geothermal heating?

Geothermal Heat Pump Cost. The national average cost to install a geothermal heating or cooling system is $7,728, with most homeowners spending between $3,466 and $12,471. Including equipment and variable excavation costs, total prices can exceed $20,000. Geothermal heat pumps come in 2 to 6-ton units and average between $3,000 and $8,000.

Is geothermal heating worth it?

A geothermal HVAC system can definitely be worth it. Because they’re so energy efficient, you don’t have to use as much electricity to get the same heating and cooling results for your home as you would with a traditional HVAC system.

How can geothermal systems both cool and heat your home?

Geothermal heat pumps (GHPs), also known as ground-source heat pumps, can heat, cool, and even supply hot water to a home by transferring heat to or from the ground. This technology has been keeping consumers comfortable for more than 50 years and can cut energy bills by up to 65% compared to traditional HVAC units.

Why is geothermal a good energy source?

Geothermal energy is very abundant source of energy with excellent potential. Geothermal energy can improve our energy security and energy independence because by using more geothermal energy we would need to import less foreign oil and other expensive fuels.