Geothermal is a smart solution for residential homeowners

Geothermal is a smart solution for residential homeowners

Are you tired of spending your hard-earned money on utility bills? You’re not the only one. Plenty of homeowners are finding that the increasing costs associated with traditional energy resources like oil and gas are making more and more of a dent in their wallets.

How can a homeowner manage to heat his or her home without constantly paying off a utility bill? The answer is geothermal. A geothermal heat pump system will allow an individual to live in comfort without sacrificing monetarily.

Here are the three reasons you may want to consider installing a geothermal system:

1) Utility savings. A geothermal heat pump system does not rely on oil or gas to produce heat in your home. Instead the technology uses the solar energy stored within the earth to power a homeowner’s heating, ventilation and cooling needs. Experts believe that the average person can save between 40 and 60 percent of his or her heating and cooling costs a year with the use of geothermal technology.

2) Geothermal tax credit. Unlike a traditional system, a geothermal heat pump installation is eligible for a tax credit or federal and state funding. The American Recovery and Reinvestment Act of 2009 contains a long-term tax incentive to encourage residential homeowners to install geothermal technologies. The one-time tax credit of 30 percent off the total investment cost of a geothermal system can help a homeowner save a significant amount of change. Other state-funded programs are also available for a person to take advantage of.

3) Consistent heat. It’s not uncommon for a homeowner with a traditional heating system to complain of a cold or hot spot (or many!) in his or her house. In contrast, a geothermal system provides a consistent level of warmth or cool air throughout the entire house.