In today's world, we are stuck in a constant debate about efficient energy usage and production. Many have gone to alternative fuel sources do to the rising cost of fossil fuels and the environmental damage caused by the burning of fossil fuels. One option that goes largely unexplored is geothermal energy. Geothermal energy is not only a much more environmentally-friendly power source than fossil fuels, but the cost of installation is not significantly more expensive than the installation of a new “High Efficiency” conventional heating system. The focus of this inquiry will be upon single-household use, however it will also delve into geothermal energy on an industrial scale.
The first question any reasonable homeowner will ask is: “What is this installation going to cost me?” Based upon his 20+ years in the business of geothermal energy installation, maintenance and logistics, Jay Egg estimates the average cost of geothermal installation for a given household anywhere in the U.S. to be approximately $42,000. This number seems very high, however several factors greatly reduce the price for homeowners. The first is a 30% government income tax credit, which cuts the price down to $29,400. The next factor that needs to be considered is the annual savings of geothermal compared to conventional systems. A geothermal system will replace your need for a water heater, serve as your household heating and cooling unit, and will cut maintenance costs due to the incredible reliability of geothermal systems, Jay Egg estimates these savings to be a total of $2617 per year ($500/year for water heater, $1617/year in heating/cooling costs, $500 per year in maintenance cost for these two systems). Given these numbers, it would ...
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