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.
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
Commercial systems can run in tens of thousands to hundreds of thousand dollars, depending on the size of the building, ground characteristics, and type of systems installed.