How Much Will I Save By Going Geothermal?
How much will I save by going Geothermal?
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First of all, it is difficult to completely and accurately predict the savings. The
only thing set in stone is that you will definitely have lower monthly bills...it’s just
a matter of how much you will save!
When you compare a home utilizing a geothermal system to one heating with
either full electric heat (baseboard or furnace) or to an air source heat pump, it is
relatively simple:
An electrically heated house will use 4 TIMES the electricity that a
geothermal system would use.
A home heated with an air source heat pump will use 2 TIMES the
electricity that geothermal would use.
Comparing the costs of geothermal vs fossil fuel burning systems (propane,
furnace oil) is slightly more difficult, as the electrical cost (geothermal) must be
compared to the fossil fuel cost which can fluctuate wildly. A safe comparison
would be:
A home heated with propane will cost 3 times more to heat than a
home heated with geothermal.
A home heated with furnace oil will cost 4+ times more to heat than a
geothermal heated home.
In our own 2000ft home, it costs about $1000 (weather condition dependent) to
heat and cool our home for the entire year, so air source would cost $2000.
Propane would cost $3000, and furnace oil or full electric heat would cost
$4000+.......and those don’t include the cost for summertime air conditioning.
Check out the comparison chart “BTU’s per dollar spent”.