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Can I Really Save Money With Geothermal?

Can I Really Save Money With Geothermal?

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Can I Really Save Money With Geothermal?

Saving Money

You’ve heard that a geothermal system will save you money, but when you look at the initial cost, it seems quite large. Even with a significant initial investment, a geothermal system is a long-term way to save on HVAC and energy costs. Several factors, like simpler maintenance and an innovative heat exchange technique, cut your bills and build up savings for your Springfield, Georgia, home over time.

Why Is the Initial Cost So High?

To install a geothermal system, we have to dig up enough space on your property to install geothermal loops. A system including these loops is more expensive than your typical heat pump. The loops may end up as half of the total cost. The larger your home, the more the system is going to cost, too. Typically, HVAC contractors price loops per foot, and the length of the loops doesn’t just depend on how big your house is. The Georgia climate and the way the loops are installed also affect price. The labor it takes to install them is also significant.

The Savings Are Real If You’re Patient

The U.S. Department of Energy estimates that you’ll get your upfront geothermal installation costs back in five to 10 years via energy and maintenance savings. The Department of Energy also reports that ground loops will last more than 50 years without maintenance, and indoor components hang on for 25 years before you need to replace them. Considering you need to replace a typical HVAC system every 10 to 15 years, that’s even more long-term savings for you.

Geothermal systems are a smart idea if you’re planning to stay in your current home for more than five years. Though a high-end HVAC system will help the value of your house, you might not be able to recoup the cost if you install geothermal and move the next year. McDevitt is here to answer the rest of your geothermal questions. Give us a call today at 877-692-9402.

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