It is certainly true that expensive geothermal heat pumps cost a lot more than most traditional HVAC solutions. Most of the higher price tag is due to installation expenses, since elaborate ground work must often be performed. Exact cost will vary due to individual circumstance. Some consumers will be able to get off much more cheaply than others dependent on circumstance and local regulation. For example, it is much cheaper to install a geothermal heat pump on a farm in Kentucky than in the suburbs of Los Angeles.
But They’re Still Expensive Geothermal Heat Pumps!
So, with the extra cost, is it worth it to install a geothermal heat pump?
It is according to the U.S. Department of Energy. Their surveys reveal most homeowners who install an energy efficient geothermal heat pump greatly reduce their overall electric bill. Some homeowners can save as much as 70%. These increased savings allow those same consumers to pay off their installation costs in 5-10 years on average. Some even paid those costs off after only three years of operation.
Given that many geothermal heat pump units are rated to last for 15 to 20 years or more, paying off the install costs in 5-10 years is a solid long term investment. Yes, expensive certainly describes the installation costs, but month-to-month bills are substantially lower than the national average.
Don’t get hung up on the sale price. You pay for heating and air when you buy a unit, and when you pay your utility company for the energy to run the system. With a geothermal heat pump, most of your spending is up-front.
Basically, your expensive geothermal heat pump purchase will help you manage your power bill for decades to come and, eventually, pay for itself in terms of the energy savings it delivers.