What does a geothermal system cost?
When buying a heating system for your home, you want a product that’s high-quality, efficient and if it runs on clean energy, all the better. But when it comes down to it, one of the biggest factors in choosing a home heating system is cost.
Skillings & Sons has more than 40 years of experience drilling wells in New England, and our technicians are certified by the IGSHPA to install geothermal wells. We work with HVAC contractors to drill geothermal wells and install the piping from the well into the home. We’ve found that the cost of installation varies depending on the type of system needed, the size of the building, and the geography and soil type of the property. The costs also include whether it’s a new home or a retrofit, or if a hot water heater and air conditioning system will be incorporated.
The investment has a higher up-front cost than a conventional system, but there are additional savings in fuel costs and subsidies. In some cases, costs can be recovered in as little as three years.
Get The Facts On Geothermal Systems
Here, were review the many ways a geothermal system can save you money over the course of owning your home.
• No fuel costs: If you live in New England, chances are you heat with oil, natural gas, propane, wood or some combination of these. All of these fuels emit pollutants into the air and fossil fuels, like oil, gas and propane, also contribute to climate change. These fuels are also subject to price fluctuation that leaves home owners and business owners feeling financially pinched during years when prices are high, or the winter is really cold. Geothermal systems draw energy from the ground and use some electricity to run the heat pump. That means extensive fuel savings.
• Efficient heating: Heat pumps do use electricity, as we pointed out, but they use far less electricity than air conditioners and conventional heating units. For example, geothermal systems are twice as efficient as a top-rated air conditioner and almost 50 percent more efficient than high-quality gas furnaces.
• Government subsidies: In the past decade, the federal government and many state governments have passed laws to incentivize green energy infrastructure, including the cost for energy efficient and low-carbon home heating units. In some cases, federal and local incentives can cover up to 60 percent of the cost. You can review your state’s incentives here at the Database of State Incentives for Renewables & Efficiency.
• Geothermal is clean all around: The geothermal heating systems that are currently installed, reduce carbon dioxide emissions by 3 million tons, the equivalent of 650,000 cars. Because these systems don’t burn any fuel, there are no toxic emissions, making the air cleaner to breathe. The air circulated through the building’s geothermal system is not pumped in from outside, meaning air free of outdoor allergens and pollution.
When making the decision to install a geothermal heating system in your home or place of business, Skillings & Sons can offer advice and answers to your questions about logistics, energy savings, and cost. The Department of Energy notes that climate, soil conditions, the system features you choose, and available financing and incentives, all factor into out-of-pocket costs. However, an investment in a geothermal system will likely pay off within ten years and as early as two years.
