He has a hot water boiler system, no ductwork.
The Geo system did make some improvement over his previous oil bills
Like i said be careful of the math. Some installers want you to super insulate the house first. Gee, if you could do that(and thats not easy in an existing home), you would not need central heat at all. And if you do any insulation upgrades at all ,you will never know just how much that Geo has really saved you. The reality is often not as rosy as the estimates.I would hope and assume there is a massive improvement over the oil bills. I am forecasting $550 savings per month. A smaller house would be less of course. I don't think that is the question so much as how many years the difference in the energy bills take to pay for the installation.
If my system was $90,000 and I saved $550 per month, then that is about 14 years to pay for itself.
$100,000 for geothermal after a 30% tax credit?
That's almost hilarious. I need to start selling swampland. Lol don't walk, run from whoever gave you that quote.
Also don't forget that the $70,000 difference between a boiler and a geothermal could be invested e. g. at a 3% annual return after inflation. So you need to save more in the neighborhood of $100,000 in energy cost to break even.
The state gives 7 year 0% interest loans on geothermal up to $25,000.
Some crazy numbers being thrown around here. A few of my neighbors have geothermal, and houses equal to or larger than the OP, and I've not heard any numbers nearly that high. They just drilled wells last week for the new house they're building behind me, and the guy across the street put in a new geothermal system (previously oil) just last summer.
Guy across the street is heating and cooling 6500 sq.ft. of typical 1986 vintage construction. He switched from ASHP with oil to geothermal last summer, and I think his entire SYSTEM cost (with drilling) was under $30k.If I need, say, 9 tons, then that is 175 * 9 for feet of drilling. So I would need four holes that are 400 feet deep each. That is $30,000 in drilling not counting any pipe or lining. Isn't the pipe another $20 per foot? So $60,000 so far. Then there is the heat pump. Then there are all the new radiators and air handlers.
If my system was $90,000 and I saved $550 per month, then that is about 14 years to pay for itself.
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