Numbers from US Environmental Protection Agency (EPA) show that homeowners using geothermal systems may realize savings of 30-70% on heating costs and 20-50% on cooling costs, compared to other conventional systems. That can translate to savings of $1,500 annually.

How much will I save with geothermal?

Numbers from US Environmental Protection Agency (EPA) show that homeowners using geothermal systems may realize savings of 30-70% on heating costs and 20-50% on cooling costs, compared to other conventional systems. That can translate to savings of $1,500 annually.

Is geothermal HVAC worth it?

What are the pros and cons of geothermal heating? The pros would be that they are extremely efficient and will work around 400% better than a traditional furnace. This is also renewable energy so it is good for you, good for the environment, and good for your energy bill. Your energy bill will reduce significantly.

What is the payback on geothermal heating?

The payback period for a typical geothermal heat pump system, or the time it takes to save your upfront investment in the form of reduced energy costs, is between 5 and 10 years, according to the Department of Energy.

Does a geothermal heat pump save money?

Installing a geothermal heat pump is a great way to save money on your space heating costs, which accounts for about 42% of the energy used in most American homes today. By installing a geothermal heat pump, a homeowner can expect to save up to 75% on their heating costs, and 50% on domestic hot water heating costs.

Why is my geothermal bill so high?

Heating costs and the savings associated with a geothermal system are relative to energy prices. As the prices of natural gas, propane, and heating oil increase with respect to the price of electricity, the savings associated with getting geothermal increase too.

How long does it take for geothermal to pay for itself?

2 to 10 years
It takes 2 to 10 years for a geothermal setup to pay for itself. Current utility rates and how energy efficient your home is are some of the factors that affect the payback time.

Are there tax credits for geothermal?

Since geothermal systems are the most efficient heating and cooling units available, the United States federal government has enacted a 26% federal geothermal tax credit with no upper limit.

Why is geothermal bad?

Geothermal plants can release small amounts of greenhouse gases such as hydrogen sulfide and carbon dioxide. Water that flows through underground reservoirs can pick up trace amounts of toxic elements such as arsenic, mercury, and selenium.

How long until geothermal pays for itself?

3-10 years
A geothermal system is a very worthwhile long-term investment for homeowners who currently heat their homes on fuel oil or propane because the system typically pays for itself in 3-10 years.

What is the geothermal tax credit for 2021?

The federal tax credit initially allowed homeowners to claim 30 percent of the amount they spent on purchasing and installing a geothermal heat pump system from their federal income taxes. The tax credit currently stands at 26 percent throughout 2021 and 2022 before decreasing to 22 percent in 2023.