"The geothermal heat pump will cost about double of what an air source heat pump will cost with duct system and everything. Your air source heat pumps are about the same price as what your fossil fuel systems are. The geothermal heat pump is much more expensive, but they last longer," Peterson says.
So how much cash will a geothermal heat pump cost you? Peterson says it will take a big chunk out of your savings, but it is well worth it.
'The geothermal heat pump is going to end up costing probably somewhere around $3000-$4000," Peterson says.
Not all heat pumps take heat from the air. Ground-source and ground-water source heat pumps circulate water mixed with antifreeze through a system of buried tubing to gather heat from the earth or ground water, which is much more consistent in temperature than air. Below-ground temperatures are normally warmer than outside air in the winter and cooler than the air in summer.
The ground-source system has a closed loop of tubing that is buried below the frost line; the water-antifreeze mixture circulates through the tubing, gathering heat from the earth. A ground-water system typically involves pumping water from one well, transferring its heat to your house, and then returning the water to another well.
A water furnace, from Water Furnace International, can be set up either as a ground-source, closed system or an open-loop ground-water system. It uses half the electricity of ordinary heat pumps. Though the pump is about the same price as most heat pumps, the excavation and the ground loop of piping can be quite expensive. You're looking at paying up to $2000 or more.
The biggest cost over the life of a heat pump (or any heating and cooling system) is not the cost of buying and installing it. It's the monthly cost of running it year after year. Peterson says, as the efficiency rating of a unit goes up, so does the initial cost. However, as the efficiency rating goes up, the monthly cost to operate the unit goes down. You'll want to consider the importance of a high-efficiency system and the trade-off between your initial cost and the monthly operating costs. If you're planning on living in the same house five years or more, consider installing a more efficient system.
