You’ve probably heard of ground source heat pumps, which have been climbing in popularity. A lesser-known option is the ground source heat pump, also known as geothermal systems.
Geothermal systems are also 2-in-1 systems that supply both geothermal heating and cooling with the added benefit of being the most energy-efficient climate control system on the market with the lowest carbon footprint and emissions. Keep on reading to learn if a geothermal system is a good investment for your home.
What Is a Geothermal Heat Pump?
Geothermal heat pumps work by tapping into the heat source deep below the earth. The Earth’s crust is a constant temperature and ranges between 50°F and 60°F. That means the system has a practically infinite supply of thermal energy due to its subterranean access.
The systems don’t use any fuel and can be 3–4 times more energy efficient than the highest-efficiency air-source heat pumps. That means your energy costs aren’t dependent on fluctuating conditions such as the cost of gas. A geothermal system is always going to have thermal energy available to it.
How Much Does a Geothermal Heating Unit Cost?
Geothermal systems have a substantial upfront cost. However, there are currently tax credits for the installation of geothermal systems through the Inflation Reduction Act (IRA). Geothermal heat pumps that meet federal ENERGY STAR guidelines are covered. The federal tax credit for residential geothermal system applies to 30% of the total system cost including installation.
According to the ENERGY STAR site, both existing homes and new construction qualify for a tax credit with the installation of a geothermal system. Both principal residences and second homes qualify. A principal residence is defined as the home you reside in most of the time and can be a house, mobile home, condominium, or manufactured home.
How Long Do You Plan to Own Your Home?
This is possibly the most important consideration when deciding whether to go with a geothermal system. People who intend to own their homes for life will reap the best return on their investment. That’s because the longer you own the system, the more your energy savings will stack up against the initial investment.
Consider the fact that the underground coil system that a geothermal system uses can last for 50 years! And according to the Department of Energy, a geothermal heat pump can mean a 25–50% decrease in energy consumed compared to air-source heat pumps. In addition, your geothermal system can be as much as 300–600% more efficient.
That’s not to say that if you end up having to sell your home in ten years, you’ll be losing out. A geothermal system is a remarkable selling feature for a home, especially in our area.
Choose a Contractor Who a Geothermal System Expert
The key to ensuring that your investment in geothermal results in a solid return on investment is to choose a contractor who’s an expert at geothermal system installations. That’s where we come in.
We’ve been installing geothermal systems in homes in South Carolina for almost 40 years. We offer a full range of geothermal services, from installation to repair and maintenance. If you need a geothermal system installed or serviced, we’re here for you.
Call today to set up an appointment with one of our geothermal HVAC experts.
Contact Fulmer Heating & Cooling today for geothermal services in Columbia, SC!