Department of Energy Talks about the Economics of Geothermal Heat Pumps

October 16, 2013

Department of Energy Talks about the Economics of Geothermal Heat Pumps

The information in this article comes from http://energy.gov – the Department of Energy’s website. Although the initial cost and installation of a home geothermal heat pump (GHP) is usually more than other cooling and heating systems, if properly installed and sized, these heat pumps deliver more energy than conventional systems.

Department of Energy Talks about the Economics of Geothermal Heat PumpsFor additional savings, geothermal heat pumps are equipped with “desuperheaters” – devices that can heat household water for free. During summer, they take heat from your home and use it to heat water. During winter, it can reduce your water heating costs by half.

Depending on factors such as soil conditions, climate and the features of the system you choose, as well as incentives and financing options, you could recoup the initial outlay in 2 to 10 years through reduced utility bills. Moreover, when included in your mortgage, your investment in a geothermal heat pump will show a positive cash flow from the outset. For example, if the additional cost of the system adds $30 per month to every mortgage payment, the savings on energy costs will easily exceed the extra mortgage amount every year.

On retrofits, the high efficiency of geothermal heat pumps results in reduced utility bills, enabling homeowners to recoup their investment in 2 – 10 years. It might also be an option to include the purchase price in an “energy-efficient mortgage” which covers this, as well as other energy-saving home improvements. Mortgage companies and banks can give you more information.

NB: Make sure the system you’re interested in buying qualifies for these and other incentives before making the final purchase.

 

If you are interested in a heat pump in Asheville NC or would simply like more information, contact us at HAYNES Heating & Cooling. We offer quality HVAC services at fair prices. Give us a call today!

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