How Much Does a Geothermal Heating and Cooling System Cost? How Much Does a Geothermal Heating and Cooling System Cost?
A geothermal heating and cooling system has many advantages, not least the benefits to the environment through improving energy efficiency while reducing greenhouse gas emissions. Calculating the costs before you decide to install this system can help to allay any doubts you may haveabout committing to such a large investment and ensure that you can fully appreciate the advantages this system has to offer.
The costs of installation can be affected by a number of things, including the strength of insulation and double-glazing, the position of the house in relation to geothermal currents, and the style of geothermal pump you wish to have installed. The cost of the actual pump is calculated at £2,500 per 1 ton of capacity, and most homes will require around 3 tons. In addition to this, there are the costs of drilling the hole to the right depths, and the man hours, meaning that a geothermal unit can cost between $20,000 and $30,000 to install. The government currently offers a $2,000 tax credit for the installation of a geothermal unit.
Geothermal units are considerably more efficient than other heating and cooling systems, and may save up to 70% of fuel costs. Users will recover their installation costs in between 5 and 10 years.