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Most additional costs and considerations can put a homeowner over budget on their geothermal system installation, but there is one that can actually add cash right back into a homeowner’s bank account. Geothermal heat pumps have ratings that are directly related to the product quality, including Energy Efficiency Ratio, or EER. This metric rates a system’s ability to cool an area efficiently.
In a closed loop, refrigerant or water is continuously circulated through the system. It does not take in or dump liquid at any time during its operation. It does not need an aquifer to work like the open loop system, so you have more options for installation.
What Else Can Impact Your Electric Bill With Geothermal?
In summer months, geothermal cooling functions in a similar way to standard air conditioning, only heat is not simply ejected into the outside air, but rather deposited deep in the ground for future use. In the quest to learn more about geothermal it can be difficult to find all the information you need to form an educated opinion. Let's break down what a geothermal heating and cooling system could cost you.
If your home is 2,000 to 2,500 sq.ft., the 4 ton size is probably best for you. The average cost to install a 2 ton geothermal heat pump is $5,000 to $15,000. This is a good choice for smaller townhomes and single-family homes under 2,000 sq.ft. A 2 ton geothermal heat pump provides 24,000 BTU, so it is best used in places with relatively warm weather. Most residential heat pumps range in size from 1 (12,000 BTU/HR) to 5 tons (60,000 BTU/HR). Homes with larger heating and cooling loads require larger heat pumps -- and sometimes even more than one.
Geothermal Heat Pump Installation Cost Breakdown
Different materials are used for ground loops depending on the condition of the soil. If a property’s soil requires a more expensive material to ensure the system isn’t at risk for premature damage, the total installation cost is apt to rise. A 4-ton system can cost as much as $32,000 for a moderate-sized home. Smaller homes will likely have a lower installation cost ranging between $12,000 and $24,000,, while larger homes will need a bigger budget to get the installation done—possibly as much as $48,000.
Depending on the tank size you select, plan between $4,000-$7,500 for this add-on. Now, in both of these cases, the geothermal system will work just fine as they have been properly designed to function effectively given the homes uniqueness. But clearly, at a $14,000 difference, the most cost effective geothermal home is "JR". In the example, "JR" was able to find a way to connect existing duct work to one heat pump located in the basement. It is called the Heat Load Number (sometimes referred to as heat loss.) I like to call this the “magic number” because it is.
Horizontal Loop
For cooling, the system is rated on the Energy Efficiency Ratio . The higher the EER on a cooling appliance, the more efficient it is at cooling your home. Anything above an EER of 12 is considered high efficiency, which makes all geothermal heat pumps high-efficient cooling appliances. The Coefficient of Performance for heating measures how well the unit uses energy to heat the home. A geothermal heat pump has a COP of 3 to 5, meaning that for every unit of electricity it consumes, it produces 3 to 5 units of heat.
Not every property with a lake or pond is eligible for this system. Check with your local authority to determine if your home qualifies. A geothermal heat pump costs $15,000 to $35,000 and provides heating and cooling 25% to 65% cheaper. However, the high upfront costs and $150 to $350 in annual maintenance, isn't worth it to some homeowners. In comparison, a new furnace costs $2,000 to $5,400 on average.
Factors in Calculating Geothermal Heat Pump Cost
The following FAQs may help a homeowner decide if a geothermal heat pump is the right type of heating and cooling system for their home. A geothermal heat pump costs $15,000 to $35,000 to install on average, depending on the system size and loop type. A geothermal heating system costs $4,000 to $8,000 per ton to install on average. Geothermal heating and cooling costs 25% to 65% less to run than conventional heat pumps. Geothermal installation cost depends on a variety of factors, including system type, home size, installation location, and site conditions. Even geographic location plays a role in geothermal heat pump cost, while factors like tax rebates can offset some of the total price.
The number is a ratio that puts the heat removed from a home over the total amount of electricity it requires to do so. This means that a higher EER rating is a more efficient system. The temperature on your thermostat will impact how much electricity is used to operate the geothermal system.
Many factors will contribute to the geothermal heat pump cost that a homeowner can expect to spend during installation. When you maximize the efficiency of energy used in your home, you can significantly reduce cost and utility bills while improving overall comfort. But it is critical to evaluate the energy load and decide on ways to reduce it if you want to have maximum energy efficiency.
If we want to get an idea of how these costs compare to other energy sources, we should take a look at a very comprehensive measurement of energy generation called the levelized cost of energy . Can we continue to use this underground water indefinitely without any ill effects? Geothermal’s sustainability has been proven through the ongoing use of the world’s very first geothermal plant in Italy, in operation since 1913. The fuel that powers geothermal power plants is available 24 hours a day, 365 days a year, allowing it to serve as a primary energy source. The United States is by far the biggest producer of geothermal energy.
Site accessibility – Remote and hard-to-access areas have higher costs to bring in heavy machinery. Pond’s surface area must be 0.3 to 1.0 acre across or 14,500 to 43,500 square feet minimum.
For an estimate of your project costs, keep in mind the average cost of geothermal heating is $5 to $10 per sq.ft. Here are the costs of geothermal heating systems2 based on average home sizes. According to Angi and HomeAdvisor, the national average cost to install a geothermal heat pump is $12,708, falling within a typical range of $2,199 and $21,480.
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