Is installing a ground source heat pump affordable?

When you’re investing in new heating and cooling equipment for your home, one of the deciding factors will probably be cost. The cost of installation and energy is a top concern for many homeowners. Before choosing a ground source heat pump, you’ll want to know all the costs associated with installation and operation.

The cost of installing a ground source heat pump will vary from site to site. Different homes have different needs, varying heating and cooling loads, and type of earth loop available to the site, which will all factor into the final price. The heating and cooling loads can be effected by the size of the house and how well it is insulated. The yard size will determine  whether a horizontal or vertical earth loop can be installed. An open loop earth loop will new special township or county approval.

The federal government as well as many state and local programs offer incentives which can cut down the cost of installing a ground source heat pump for homeowners. With the federal tax credit alone, you may be eligible to receive up to 30 percent of the cost of installation back. Don’t count on these incentives unless you meet the qualifications. It’s best to call and verify your installation will be eligible before installing to avoid any surprises later.

Homeowners can also estimate how much it will cost to operate their new ground source heat pump ahead of time. Consider your home’s heating and cooling demand, and the efficiency of the ground source heat pump you’ll be installing. If you need help determining operation costs or your payback period, or to learn more about installing a ground source heat pump for your home, contact Smith Sustainable Design today.