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Solar PVSolar Photovoltaic (PV) Systems convert sunlight into electricity. You can use this electricity to power your home, business or any other building.
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Solar
Hot WaterSolar Thermal Water Heating Systems use the sun's energy to heat water for use by homes, commercial buildings and swimming pools.
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Solar Space
HeatingSolar Thermal Space Heating Systems capture the sun's energy to supplement the existing heating system for a home or commercial building.
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Small WindSmall Wind Energy Systems contain electric generators that convert wind power into clean, emissions-free power.
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GeothermalGeothermal heat pumps use the earth's energy to provide heating, cooling and hot water for residential and commercial buildings.
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Biomass
& Bio FuelBiomass Heating Systems generate heat from organic materials and residues. The systems are used for space heating and to heat water.
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Combined
Heat & PowerMicro Combined Heat and Power Systems are highly efficient natural gas systems that produce electricity and heat at the same time.
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Geothermal
Geothermal heat pumps also known as ground source heat pumps use the earth's energy to provide heating, cooling and hot water for residential and commercial buildings anywhere in the United States.
Pricing, Financing & Benefits
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System Pricing
A typical residential geothermal system costs between $15,000 - $40,000. While these costs are 2-3 times the cost of installing a traditional HVAC system, the savings in energy costs are significant and payoff in a few years.
The Geothermal system is primarily driven by two key factors:
- Cost of the heat pump: Heat pumps for residential applications generally cost between $2,500 - $7,500. A typical home may require a 3-ton system.
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Cost of installation and ground work:
This is the cost of work required to dig the ground and install pipes and / or coils. Installation costs can be $5,000 and up. Installation cost is highly dependent on the type of soil, ground conditions (e.g., rocky) and type of loop (closed vs. open) being installed.
- Open loop systems, while cheaper to install, are less common
- Closed loop systems are more common but cost more to install
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Tax Incentives and Rebates
The Federal government allows homeowners and commercial property owners to deduct 30% of the net cost of the system from their income taxes. This tax break is available through 2016.- Some states offer additional tax incentives for geothermal systems
- Some utility companies may offer additional cash rebates to install a high efficiency heat pump.
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Savings, Benefits, and Returns
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Typical residential systems generate an annual return on investment (ROI) of 5%-20%.
- A single system can reduce the cost of heating by 50% - 70%, and cost of air-conditioning and hot water by up to 50%. The savings may be significantly higher if you are replacing an old, inefficient heating and air-conditioning systems.
- Commercial systems costs can be significantly higher, but the annual ROI can exceed 30%.
- ROIs increase every year, consistent with rising energy prices.
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Typical residential systems generate an annual return on investment (ROI) of 5%-20%.
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Financing Options
There are several options available to you to finance an investment in geothermal system:- Home equity or other collateralized loans
- Subsidized loans
- Peer-to-Peer loans
- Specialized loans
For a detailed discussion, refer to our Financing Options page or search for banks and leasings companies that provide financing.
