1. Initial Costs vs. ROI
It’s an unassailable fact: replacing your existing HVAC system with a geothermal heating and cooling system is a costly proposition. Starting costs here in Greater Cincinnati can run anywhere from $10,000 to $30,000 – or more. Lot size, site accessibility, system configuration, ground conditions, and other matters account for that. So too does the amount of excavation that must be done and what sort of ductwork modifications are needed. And if you’re having a new home constructed? It’s not as pricy, generally, but it’ll still cost around 40 percent more than a more common HVAC system will cost you.
Okay, that’s the bad news. And, yes, there is some good news. First, some sort of incentives and rebates may be offered at the federal, state and local level to help you out with installation costs. Second, the energy savings you could experience with your new geothermal heating and cooling system will help you begin to recoup your initial investment right away. So you could recoup your investment in as little as four years. But , then again: Local utility rates and the end cost of your installation may delay full repayment for, oh, say 15 years. Seeing as how geothermal systems tend to keep working for upwards of 30 or 50 years, though, you’ll still come out ahead. You just have to decide sooner rather than later what your finances can withstand … and how patient you are.
2. Geothermal Benefits Can Easily Offset Worries About Up-Front Costs
Let us list the top benefits:
- Compared to ordinary heating and cooling systems, geothermal heating and cooling could lop as much as 30 to 60 percent off your heating bills. And it could minimize your cooling costs by as much as 20 to 50 percent.
- Geothermal systems use renewable energy – heat taken from the ground.
- Geothermal heat pumps don’t work by combustion, so you’re not bothered by greenhouse gas emissions (carbon dioxide, carbon monoxide, etc.) and you have no fire safety or air quality concerns.
- Given that no outdoor fans or compressors are necessary, geothermal heating and cooling systems run much quieter than common systems.
- The absence of many complex moving parts and the fact that geothermal systems are effectively shielded from the elements pretty much guarantee many decades of low-maintenance, top-performance use. Indoor components may last about 30 years, ground loops, about 50.
Looking for further information on any of these points in order to make a decision about your heating and cooling options? Turn to the Greater Cincinnati geothermal pros at Bill Spade Electric, Heating & Cooling. We’re glad to help, no matter what you decide.