Geothermal energy is a renewable and environmentally friendly way to heat homes, but the initial cost is substantial, ranging from $20,000 to $30,000. However, ongoing costs are much lower than other heating systems, and there are no worries about future price increases. It is a cost-effective option for long-term homeowners.
Using geothermal energy has become a popular way to heat a home in recent years. One of the big questions most people have about this type of system is whether or not it is affordable. When trying to determine whether geothermal energy is worth using, a homeowner should consider upfront project costs, ongoing costs, and future price increases.
Geothermal systems use at least two wells drilled into the ground. The hot water is pumped through one of the wells and then pumped back into the other well. The heat from the water is used to heat the air inside the house. Many people prefer this type of heat because it is renewable and good for the environment.
One of the big factors to consider with this system is the initial cost. It is usually substantial. A homeowner will need to invest a large amount of money in purchasing the equipment and installing it. It would not be uncommon for a homeowner to spend somewhere between $20,000 US Dollars (USD) and $30,000 USD to install the system. This is far more than the initial cost of comparable systems.
Another factor to consider with a geothermal system is ongoing costs. Geothermal systems will have much lower running costs than any other type of heating system. With geothermal energy, a homeowner shouldn’t have to worry about repairs or other costs once the system is up and running. The homeowner will not have to pay an ongoing bill for natural gas to keep the home warm. Once the system works, the homeowner can keep it running without much additional cost. This drastic savings can help offset the large initial cost.
The last thing an individual should consider when thinking about geothermal energy is the cost of future price increases. When a homeowner relies on natural gas for heating, he or she will have to contend with price increases over the years. Natural gas is a finite resource and will only rise in price.
If a homeowner will be living in a home for the long term, the decision to go with geothermal energy can be a cost-effective one. This is not something that should be done if the homeowner is going to move within a few years. It will take many years to recoup the large initial purchase.
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