A decade ago, the cost to install a geothermal system was out of the question for many people. The equipment and land required to drill and install geothermal systems was considered a specialty solution, depending upon the ability of the consumer to afford the service and equipment associated with the installation and operation.
Luckily, there have been many improvements in the applications of geothermal energy systems, and that means the cost to install geothermal systems has also become more affordable for the residential or commercial consumer.
If you’ve been researching the cost to install a geothermal system for your home or commercial business, there are some important factors to consider. To start, your specific situation will affect the cost of a geothermal heat pump, including the size of your property and the energy usage you require.
Factors that contribute to the cost to install a geothermal system include the capacity of the system needed to facilitate heating and cooling and the type of looping system that can be installed. The larger the size of your geothermal heat pump unit, the higher the cost; and vertical looping systems are typically more expensive than horizontal looping systems.
Other considerations for the cost to install a geothermal system include the Energy Efficiency Ratio (EER) and the Coefficient of Performance (COP). For both of these, the higher the number the better the efficacy of the equipment, but this may also include a higher dollar installation cost.
The actual dollar amount to install a geothermal system can run anywhere from $18,000 to $45,000, but there are also several federal and local tax incentives available that may help offset the initial cost. Furthermore, the longer you plan to stay in your current location, the more return you will see on your investment.
If you’d like to read more about the cost to install geothermal systems, this article has some great information. Contact us at Yadkin Well Company today if you are interested in a residential or commercial geothermal system. We are equipped to assist you.