Geothermal heat pumps work by means of underground pipes that transfer the heat in the ground to an above-ground delivery system that then disperses the heat throughout the home. Because in-ground temperatures are relatively stable, geothermal heating requires less energy and is significantly more cost-effective than its traditional counterparts. However, many consumers are wary of having geothermal systems installed because of the reputation they have for being more expensive to install than other systems. Many homeowners are discovering that although upfront costs may be higher than usual with geothermal systems, the long-term utility savings and other financial benefits are well worth it. Following are five ways that having a geothermal heat pump installed in your home will save you money.
Geothermal Systems Will Lower Your Utility Bills
Having a geothermal heat pump installed will result in immediate savings in household utility costs. According to the Environmental Protection Agency (EPA), geothermal heat pumps use 44 percent less energy than air-source heat pumps and 72% less energy than traditional air conditioning units. As an added bonus, the heat produced by these pumps may provide you with free hot water during the summer months when it isn't needed for home interior heating purposes.
There Are Financial Incentives to Geothermal Systems
If the geothermal heating system that you select meets federal ENERGY STAR standards, you will be eligible for a federal tax credit of 30 percent until the end of 2016. You may also be eligible for tax incentives through your state, and individual utility companies may offer rebates to consumers who decide to have these systems installed. Be sure to check your state's tax rules as well as ask your utility company if any of these are available to you.
Geothermal Systems Will Increase the Value of Your Home
When it comes time to sell your home, having an energy-efficient geothermal system will make your home more appealing to potential buyers as well as increase its overall value. Modern consumers are tired of paying high utility costs and would prefer to pay a bit more upfront for a home if it means lower long-term power costs. Many homeowners are also attracted to properties that feature low carbon footprints, and geothermal energy is among the most eco-friendly heating and cooling options currently available.
Geothermal Systems are Low Maintenance
Unlike gas and oil furnaces, geothermal heat pump systems don't need a great deal of maintenance in order to run safely and efficiently. All that is basically required to keep them operating in a smooth fashion is to keep their mechanical components free of dust and debris, make sure that antifreeze levels are properly maintained, and ensure that the air ducts are kept clean and in good working order. A qualified geothermal technician should inspect the system on a regular basis to make certain that all is well.
Geothermal Heat Pumps Last a Long Time
Because the mechanical components of geothermal heat pumps are either located underground or in the interior of the home, they are not exposed to the constant wear and tear experienced by their traditional counterparts. Because their equipment is protected, these systems are unlikely to be inadvertently damaged by children and pets playing outdoors or by neighborhood vandals. Their underground pipes generally carry warranties of around 50 years, meaning that they are built to last for quite some time.
The savings realized from the installation of a geothermal heat pump will depend on highly on individual conditions such as the amount of power used by your household and the climate conditions in which you reside. To find out whether a geothermal heat pump is the right option for your particular home, contact a qualified local contractor for a consultation.