Geothermal Savings for Homeowners
Over the years Lancaster Brothers Heating & Cooling has spoken to many homeowners who were not sure what geothermal heating was. Not only is it great for energy savings, but you can also receive a tax credit with it! Lancaster Brothers Heating & Cooling is here to break down all of the details below.
How to Receive a Geothermal Tax Credit
By installing a geothermal heating system, homeowners will receive a 30% tax credit. Through the end of 2016, this 30% tax credit is available for qualified geothermal heat pump property, meaning that the system uses either groundwater or the ground as a thermal energy source to heat the unit or cools the unit by using thermal energy sink.
Keep in mind, the geothermal heating equipment must meet the Energy Star program requirements. The tax credit will allow you to save 30% on the price of any unit. For example, if your geothermal heat pump costs $27,000, the tax credit will save $8,100. The total cost of your heat pump will be $18,900.
Related Read: Household Heating Costs Predicted to be Lower in 2016
Why Use Geothermal Heating
Geothermal heating has a variety of benefits. The systems are durable, lasting far longer than the average traditional heating and cooling system. Did you know that heating and cooling systems last roughly eight to 10 years? However, a geothermal heating system can last anywhere from 25 to 50 years with proper maintenance.
Because the ground stays a relatively steady temperature throughout the year, geothermal heating systems can be used to keep your home comfortable all year round. During the wintertime, they transfer heat from the ground to your home. The process can be reversed to keep your home cool during the summertime.
(Curious about geothermal systems? Check out our website.)
While the initial install of a geothermal heating system can be more expensive than traditional systems, ultimately this technology can help homeowners save money. By taking a significant amount of work off of traditional heating and cooling systems, homes with geothermal systems save energy, and in turn, enjoy reduced utility bills.
If you’re interested in adding a geothermal heating system to your home, call Lancaster Brothers Heating & Cooling at (913) 837-2000 to speak with the geothermal specialists & see just how much you could save.