Geothermal Myth # 3: I Cant Afford a Geothermal Heat Pump

If you are already heating and cooling your home with a traditional method than you can afford a geothermal heat pump! The biggest fear surrounding geothermal heat pumps has always been the high installation costs, which are significantly higher than those of traditional heat pump installations, but with recent tax incentives geothermal heat pump installations are more affordable than ever.

There is currently a 30% federal tax credit available on ground source heat pumps and a number of states and local utility companies offer even more incentives. All of the financing and rebates available make a geothermal heat pump installation much more affordable. While the initial investment may seem like a lot, what you cannot forget is how much money you will end up saving with a geothermal system!

Once you install a geothermal system you will begin to see immediate savings on your heating and cooling bills! The efficiency of a ground source heat pump will save you money every month and you could have the entire system paid for within just a few years! If you try to avoid the high installation costs by installing a fossil fuel based heating and cooling system you will end up paying in the long run as we continue to see fossil fuel prices raise.

So there is not question when it comes to the affordability of a geothermal heat pump, myth # 3 is squashed. Still not convinced? Check out these testimonials of people who are already saving with geothermal heat pumps.

Myth # 1: Geothermal Heat Pumps Don’t Work in the Extreme Cold

Myth #2:Â My Geothermal Heat Pump Will Need a Backup Unit