August 16, 2013
So, you’ve heard that geothermal heat pumps are ultra-energy efficient. But you’re concerned: are the annual savings from a geothermal heat pump really enough to pay $20,000+ for it? (That’s installation included.)
If you can afford the upfront cost, have the room to install it, and you plan on living in your home for the next couple decades, then the answer is yes, a geothermal heat pump makes economic sense and can pay for itself.
This article will show you why.
Let’s look at how long a geothermal heat pump lasts compared to its payback period.
According to Energy.gov, a geothermal heat pump’s inside components last 25 years and the ground loop lasts 50+ years. Geothermal heat pumps last so long because they have relatively few moving parts compared to other heating and cooling systems.
And the moving parts it does have are sheltered inside a building, so geothermal heat pumps are durable and highly reliable.
So, what’s the payback time? Energy.gov says, because of its high level of energy efficinecy, you can recoup the cost of a geothermal heat pump in 5 to 10 years through lower utility bills. But it depends on these factors:
Since the heat pump last far longer than 10 years, a geothermal heat pump makes economic sense and is worth it in the long run.
You also won’t have to call a contractor as often because the system is so sturdy (meaning less repairs) and low maintenance, saving you money in more ways than one.
To see how a geothermal heat pump works and why it can be so energy efficient, read our article, Looking to Go Ultra Green? Consider a Geothermal Heat Pump.
If you get an Energy Star qualified geothermal heat pump, you can get a 30% federal tax credit but this offer is only available through December 31, 2016. Learn more on Energy Star’s website.
Have any questions out geothermal heat pumps? Ask one of our comfort experts for help or call us at (800) 226-2636.
Posted in: Buyer's Guide