Don't forget that you can save 50% on your water heating bill by pre-heating tank water with the geothermal heat pump!
Tax Incentives and Rebates! (updated 2/25/09)
Replacement Residential HVAC Systems:
- $300 tax credit to homeowner
- Geothermal equipment must be Energy Star Rated
- Closed Loop with water heating:
14.1 EER, 3.3 COP
- Open Loop with water heating: 16.2
EER, 3.6 COP
New construction, for home builders:
can claim a $2000 Federal Tax credit per home if
the structure exceeds the 2004 International Energy Efficiency Code (IEEC)
by 50%
if an Energy Star home already exceeds the 2004 IEEC by at least 30%,
adding a geothermal system will bring the home up to the 50% level in most
cases
Local Property Tax Incentives:
available on new construction and existing retrofits
ranges from $50 to $350 per year
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When selecting a system, always consider the
payback, efficiency, cash flow, operating costs and system life-span.
System payback is how long it takes to recover in energy savings the difference
in the costs between geothermal and ordinary systems. On average, the
added initial cost of installing a geothermal system can be recovered within
three to five years. Geothermal systems can be used in new and
retrofit applications. But, new home buyers are especially good candidates
for geothermal systems. Because a new homeowner is already making a
long-term investment in new construction, the initial cost of the system can
usually be tied into the monthly mortgage payment. The monthly savings
from the system will generally cover the additional amount added the the
mortgage payment. So, a positive cash flow can be created right away! Another consideration is total heating,
cooling, and domestic hot water operating cots. A geothermal system is the
total comfort system with the lowest overall cost. With most ordinary
systems, overall operating costs are based on the efficiency of more than one
system - a fossil fuel furnace, a central air conditioner and a water heater.
With a geothermal system, all operations are handled by one system, assuring
that efficiency and saving are achieved in all areas. In addition, system
maintenance and life span should not be overlooked. For instance, ordinary
systems frequently require regular maintenance for the furnace and the air
conditioner. However, a geothermal system requires little or no
maintenance beyond periodic checks and filter changes.
When faced with the purchase of a new heating, cooling, and water heating
system, you have two choices; either burn money with an ordinary system or save
it with a geothermal system.
If you were given the choice of burning money or saving money, which would you
choose? The question may sound crazy, but that's what each homeowner faces
when deciding whether or not to invest in a geothermal system. Because a
geothermal system tends to have a higher installation cost than most ordinary
systems, many homeowners view it as an expensive system. But this is only
half of the picture. As a homeowner, consider more than the initial
investment when purchasing a new system; consider the monthly energy costs and
the annual maintenance costs. You may find that a fossil fuel furnace will
cause you to waste energy rather than conserve it.