Economics of Geothermal Systems
The U.S. General Accounting Office estimates that if GSHP systems were installed nationwide, they could save several billion dollars annually in energy costs in addition to substantially reducing pollution:
- Installation of 100,000 typically-sized residential GSHP systems corresponds to a cost savings for consumers of about $750 million over the 20-year life expectancy of the equipment.
- Schools now using geothermal heat pumps save more than $25 million in energy costs which means more money for books, equipment, and teachers.
- For homeowners, GSHP systems typically provide savings of 30-70% in the heating mode and 20-50% in the cooling mode compared to conventional systems.
- Electric bills for a 2,000 sq. ft. home can be reduced to as low as $1a day using a ground loop heat exchange system.
The statements here were taken directly from:
IGSHPA (2009) and the Geothermal Heat Pump Consortium.