1. Up-Front Costs vs. ROI
There’s no escaping it: replacing your existing HVAC system with a geothermal heating and cooling system is a costly proposition. Initial costs here in Lancaster tend to run anywhere from $10,000 to $30,000 – or more. Lot size, site accessibility, system configuration, ground conditions, and other matters have a say in it. So too does the amount of excavation that has to be done and what kind of ductwork modifications are necessary. And if you’re building a new home? It’s not as budget-busting, overall, but it’ll still cost approximately 40 percent more than an ordinary HVAC system will cost you.
Okay, we’ve gotten the bad news out of the way. Let’s turn now to the good news. To begin with, some sort of incentives and rebates may be offered at the federal, state and local level to assist you with installation costs. Then, too, the energy savings you could realize with your new geothermal heating and cooling system will start paying back your initial investment almost immediately. The upshot is, you could recoup your investment in as little as four years. But understand: Local utility rates and the total cost of your installation may slow full repayment for something like 15 years. Because geothermal systems tend to keep working for upwards of 30 or 50 years, though, you’ll still be ahead of the game. You merely have to decide early on what your finances can withstand … and how patient you are.
2. Geothermal Benefits Can Easily Outweigh Any Anxieties About Initial Costs
Let us itemize the top benefits:
- Compared to common heating and cooling systems, geothermal heating and cooling could slash as much as 30 to 60 percent off your heating bills. And it could reduce your cooling costs by as much as 20 to 50 percent.
- Geothermal systems use renewable energy – heat removed from the ground.
- Geothermal heat pumps don’t work by combustion, so you’re not troubled by greenhouse gas emissions (carbon dioxide, carbon monoxide, etc.) and you have no fire safety or air quality concerns.
- Given that no outdoor fans or compressors are required, geothermal heating and cooling systems are much quieter than traditional systems.
- Since there are so few moving parts and geothermal systems are sheltered from the elements, you’re pretty much guaranteed many decades of low-maintenance, top-performance use. Indoor components may last about 30 years, ground loops, about 50.
Need more information on any of these points in order to make a decision about your heating and cooling options? Visit the Lancaster geothermal specialists at Gochnauer at Home. We’re glad to help, whatever you decide.