If you retrofit to geothermal, you can start saving immediately! By converting to geothermal, you can receive a 30% tax credit plus rebates from your utility company. The credits and rebates currently available make this an ideal time to retrofit to geothermal. The following example illustrates the financial benefits of a standard retrofit from gas heating to geothermal:
- Installed for $25,000
- Subtract a $7,500 30% tax credit (take advantage of this when you do your taxes)
- Subtract a $3,750 COOP rebate
- Potential final cost: $13,750
For more information about the geothermal equipment we proudly install, check out the GeoComfort website.
Benefits of Geothermal for Existing Homes
- Geothermal systems reduce monthly heating and cooling bills by up to 70% over conventional systems. Operating costs are not subject to the volatile swings associated with fossil fuel costs.
- The average life expectancy of a geothermal system is nearly 25 years; compare that to the 13-year average life expectancy of conventional systems. Most loop fields have an indefinite life expectancy.
- Geothermal systems have fewer maintenance costs. This is primarily due to geothermal equipment being indoors and not exposed to the elements. Geothermal systems also have fewer moving parts, reducing the opportunity for malfunction.
- Geothermal provides the opportunity for ‘hybrid’ hot water, reducing your monthly cost of hot water as well as heating and cooling.
- Geothermal systems provide long-term value to a home and are becoming attractive selling points in the real estate market.
If you’re on the fence, call us today for a free geothermal consultation and estimate. Find out why we believe it’s the best!