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Is a Geothermal Heat Pump in Florida Really Worth the Money?

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.)

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 isyes, a geothermal heat pump makes economical sense and can pay for itself.

This article will show you why.

Geothermal heat pump’s lifetime vs. its payback period

Let’s look at how long a geothermal heat pump lasts compared to it’s 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 it’s 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 a these factors:

  • Climate (heat pumps work more efficiently in non-frigid climates, like Florida)
  • Soil conditions
  • System features you choose (ask us about these)
  • Available financing and incentives (see below for more details about this)

Since the heat pump last far longer than 10 years, a geothermal heat pump makes economical 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.

Tax Credits and Financing for Geothermal Heat Pumps

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 through December 31, 2016. Learn more on Energy Star’s website.

Cool Today also offers financing options for Sarasota-area homeowners to make paying for the geothermal heat pump easier.

Have any questions out geothermal heat pumps? Ask one of our comfort experts for help or call us at (800) 226-2636.