Is Geothermal energy right for your home?
There are many compelling reasons to consider geothermal energy in 2024. The federal government has extended the 30% tax credit for geothermal installations, now available through 2032, making it a prime time to invest in this sustainable technology. Unlike a deduction, this tax credit directly reduces the taxes you owe, significantly lowering your overall costs.
In addition to the federal credit, many local utilities continue to offer generous rebates, with some even surpassing the federal incentives. These rebates are applied directly to your out-of-pocket expenses, making the initial investment in geothermal more competitive with traditional systems. When replacing old or failing equipment, the payback period can be immediate, thanks to the combination of tax credits and utility rebates.
Why Choose Geothermal Over a Traditional System?
The benefits of geothermal are clear: it’s the most reliable, clean, and energy-efficient heating and cooling system available. Unlike traditional systems, geothermal doesn’t burn fossil fuels inside your home, reducing your carbon footprint and enhancing indoor air quality. Plus, geothermal systems are more cost-effective in the long run, reducing your energy bills significantly.
What Can You Expect to Save?
With geothermal, you can expect to cut your summer cooling costs by up to 50%. In winter, calculate your current electric load and multiply it by 2.5, including both supply and delivery from your utility. Compare this to your current heating bill for oil, natural gas, propane, or electric, and you’ll see the savings.
When is the Best Time to Install Geothermal?
Geothermal drilling can be done year-round. Winter drilling benefits from solid ground, while warmer months make trenching and water grouting easier. Regardless of the season, geothermal installation is flexible, so you don’t need to wait for a specific time of year.
Ready to Explore Geothermal?
If you’re ready to see if geothermal is right for you, contact us today.