Asked by: Quirico Glukhov
asked in category: General Last Updated: 14th February, 2020

Is geothermal heat pump cost effective?

Let's not sugarcoat it—installing a geothermal system is expensive. Even so, a geothermal system will cost about 40 percent more than a traditional HVAC system. Recouping these costs through energy savings could take as little as four years or as long as 15 years depending on utility rates and the cost of installation.

Click to see full answer.

People also ask, are geothermal heat pumps worth the money?

It is, in fact, about what is unique to a geothermal system that makes it worth it. Geothermal heat pumps are the most efficient. A high-efficiency furnace or central system achieves around 90-98% efficiency on fuel or energy consumption. That's pretty good, for sure.

Subsequently, question is, does Geothermal really save money? Numbers from US Environmental Protection Agency (EPA) show that homeowners save 30-70% on heating and 20-50% on cooling costs by using geothermal heat pumps compared to other conventional systems. This translates to roughly $400 to $1,500 annual savings.

In this regard, how much electricity does geothermal heat pump use?

The advantage of a geothermal heat pump is that the prices do not fluctuate rapidly — there is value in stability. Today, with electricity around $. 11/kWh and propane around $3.67/gal, geothermal is saving a lot of cash, around $22 per MMBTU.

How well does geothermal heating work?

The answer to this is yes, geothermal heat pumps can and do work just fine in cold winter climates. This is possible because while we experience a huge change in temperature above ground as the autumn leaves turn to snowflakes and ice, the earth just a few feet below is unaffected.

33 Related Question Answers Found

What is bad about geothermal?

What are 3 disadvantages of geothermal energy?

Is there a tax credit for geothermal heat pumps?

How long does a geothermal heat pump last?

How many ton geothermal unit do I need?

Does geothermal use a lot of electricity?

How many years would it take for the geothermal system to pay for itself?

How much land do you need for a ground source heat pump?

Do you need backup heat with geothermal?

Should I install geothermal or solar panels?

How far down do you have to dig to get geothermal energy?

How long does it take to install a geothermal heating system?

Do heat pumps work below 20 degrees?

What is the difference between a heat pump and geothermal?