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Costs and Benefits
Simply put, geoexchange costs more to have installed. There's the drilling, ground loop tubing, and then the whole heat pump system. Based on our research, and talking with people who have a geothermal ground loop system at the homes, we think it is worth the investment.
Initial Cost
Expect to spend around $20,000 for a complete geoexchange system. Yes, that's a lot of money, but cheaper than many cars. Most estimates say it takes three to seven years to pay it off. I'm guessing it will be longer for us since we normally keep the temperature in our house fairly low, especially when we aren't home.
We've been told the ground loops are good to go for at least 50 years, and the heat pump itself is supposed to last longer than a conventional system. For one thing, the air conditioner is indoors, not exposed to the wear of the elements outside. The initial cost seems more bearable when you factor in the longevity of the system.
One factor in our favor is a grant program from the State of Maryland, which will offset some of the cost. The Maryland State Legislature has increased the grant amount to a maximum of $3K for residential installations. Other states have incentives as well.
Long Term Benefits
The two big benefits are lower monthly bills and a longer lasting heating and cooling system. Your monthly bills go down and the system should last much longer. The system also will add to the resale value of the house, especially as geothermal systems become more popular.
At this time, we're still gathering data on the operation costs. We'll need a full year to really see how this system performs in all weather. Early indications are that it's about 30% cheaper than the old gas furnace. We will post more detailed comparisons, including cooling costs, when we have them.
Environmental Benefits
In our area we are able to buy our electricity from renewable resources. The electricity we use comes from a variety of sources but when we pay our bill it is applied to renewable energy sources. In this respect we do not generate any carbon dioxide to heat and cool our home.
Because the system is efficient it uses less energy overall (estimates range from 30% to 70%). This also results in lower costs and benefits the environment.