Incentives for Buying Geothermal Heat Pumps

Your old air conditioner is still running just fine, cooling your house the way you like it, and the furnace does what you need it to do in winter. Your monthly electric bill is not the cheapest around, but it is not more than you are willing to pay. Everything seems to be working properly, so then, why should you upgrade to a geothermal heat pump? What is your incentive? Well, I’m glad you asked.

The first incentive you should have is that right now is the best time to upgrade to any energy-efficient geothermal heat pump. The reason being is that you can probably get the US government to cover some of the cost. If any appliance meets certain EnergyStar guidelines, and many geothermal heat pumps do, then the US government will pay you a rebate simply for buying something more energy-efficient. Yes, the government will actually pay you to upgrade your current heating and cooling system. Bearing in mind that this is the Federal government, the EnergyStar program probably is not going to last forever, so taking advantage of it right now is a good idea.

The second incentive for you is the growing market competition between geothermal heat pump manufacturers. More and more companies are getting in on the act, trying to take advantage of the growing market. This means they get into some harsh competition and drive down prices in order to outsell their competitors. It is a buyer’s market out there and geothermal heat pumps are at some of the lowest prices they’ve ever been.

The third and final incentive, and the only one you really need, is that buying a geothermal heat pump is going to lower your overall monthly electrical bill and save you money. Geothermal heat pumps can cost five times as much to install as a regular system, but they can pay back those costs in as little as five years. That’s how good their energy savings are and since a geothermal heat pump is, on average, rated to last for decades, that means you get years of cost savings. The only real question you should have is why haven’t you upgraded already?