The cost of a ground-source heat pump for your home will depend on how large your home is, but you can expect to pay at least $7,500. This is a lot of money to pay for a way to heat your home. While the upfront cost of a heat pump is important to consider, it is not the only cost that you should worry about. Instead, you should consider how much a ground-source heat pump can help you to save before you decide whether a heat pump is right for your home.
Double-up for Savings
If you have to contend with high summer temperatures and low winter temperatures, you will need some way to both heat and cool your home. One of the most common solutions for keeping the temperature inside your home comfortable is to install both a furnace and an AC unit. An AC unit can cost between $3,000 to $10,000. To install a furnace you can pay as much as $14,000. A ground-source heat pump can both heat and cool your home. What this means is that you can save money upfront by installing only one piece of machinery instead of two.
Efficiency Leads to Savings on Operating Costs
The more extreme the outside temperatures are, the less efficient an AC unit will be. Ground-source heat pumps bury a set of coils in the ground. Ground temperatures are cooler and more consistent than air temperatures. In fact, the temperature twenty feet below ground will stay between 50-60 degrees year round. By tapping into these temperatures, your heat pump can be up to 600% efficient. This means you can reduce your electricity usage by up to 50%, which means you will reduce your HVAC costs by 50%. With this kind of savings, even if you have to finance your heat pump, you should still be able to save money on your monthly bills.
One final cost you have to consider when you install a heat pump is how much you will pay for repairs. The piping on a ground-source heat pump can carry a 25-50 year warranty, which can help to keep your costs low.
When you think about installing HVAC equipment in your home, you need to consider more than just the initial price of your unit. Ground-source heat pumps can come with a pretty hefty price tag, but because they can help you to save money on your monthly bills, they can be a good value. For more information or to see if one is right for your house, contact a heating and AC company.