Geothermal for radiant floor heating cost upgrade#
If you are replacing a fossil fuel furnace however, you may need to upgrade your service to accommodate the new geothermal system. If you are replacing an electric heating system, your existing electric panel will probably be adequate.
Is Your Current Electrical System and Duct-work Adequate?Īnother question to ask is whether you will need to upgrade your distribution system or your electric panel. One of the biggest challenges with adding a geothermal system to a home is that there are already a number of items buried and built on the land, such as: electrical and cable wires, water lines, sewer lines, septic fields, gas lines, trees and shrubs.īefore you decide on the details of your geothermal system it is wise to discuss with your contractor what types of equipment they are planning to use, where the best location for the loop is and whether there are any landscaping features you would like to keep in tact. Hot climates, cool climates, new homes or old homes – there’s an installation option for almost any application.Īre you an EXISTING HOME Owner/Buyer? To Dig or Not to Dig? FlexibilityĪ geothermal unit can be installed anywhere. The system emits no carbon dioxide, carbon monoxide or any other greenhouse gases. You’ll be doing our part for the environment by installing a geothermal unit. SafetyĪ geothermal system doesn’t run on fossil fuels, so you can rest easy knowing that toxic fumes aren’t entering your home. These units are also installed indoors which means they will be protected from inclement and harsh weather. With a longer life cycle and less required maintenance, a geothermal energy system is a unit you can rely on. Geothermal units are installed indoors and are whisper quiet. You will also have the freedom to enjoy your outdoor living space without the hum of a noisy heating or cooling unit. Say goodbye to hot and cold spots – say hello to complete comfort. Geothermal units are known for delivering a consistent, even flow of conditioned air throughout the home. New homeowners will be able to see an immediate return on investment and homeowners that invest in replacement installations see the investment recovered in a few years of energy savings. That’s a 500% efficiency rating! Many homeowners who combine stored earth energy with safe electric power see a savings of 70% for heating, cooling, and hot water. If you currently heat with oil, propane, or electric resistance, often your energy savings will more than offset your monthly loan payments, resulting in immediate positive cash flow after your installation… and no money up front! Contact us if you’re interested in financing your geothermal installation.In comparison to an ordinary heating and air conditioning unit, a geothermal energy system delivers five units of energy per every one unit of electrical energy used. You can learn more about these and begin the application process here. In addition, NYSERDA offers very attractive financing options that are especially designed to enable low- to middle-income homeowners to afford the conversion to geothermal heating & cooling. Terms are usually 10 to 15 years with rates currently as low as 4%. Secured or collateralized loans typically use the equity in your home to enable a lower interest rate.These products also offer a short-term loan to cover the Federal tax credit until you receive its benefit. Terms up to 20 years are available and annual percentage rates (APR) currently vary from 7 to 8.5%. Unsecured loans are primarily based on the homeowners’ credit score(s) and do not require any equity in the home.These fall into one of two general categories: If not, we offer several attractive financing options through our affiliates. You may find that your bank can offer you a loan product that will meet your needs. More and more are now offering a variety of financing options and terms up to 20 years for geothermal systems. However, many banks and financial institutions have come to recognize that geothermal heating & cooling systems are a durable asset and often a good investment. Until recently, long-term financing for geothermal systems was not readily available. And, in many circumstances, it can be accomplished in a way that makes it cash neutral or positive for the homeowner. Financing the entire cost of a geothermal installation overcomes the barrier that would otherwise prevent many from converting to a cleaner, safer, more comfortable, and more cost-effective heating & cooling solution.
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