Deciding to invest in a geothermal energy solution can be tricky. When comparing it to solar it’s a lot more expensive to start and can take up to 20 years to pay itself off. The pumps also require electricity to power so it’s not technically free. Similar to solar energy, there are also federal tax credits that range from 22% to 30%, applicable on installation. When considering what solution to buy, keep in mind that estimates are rarely over $4000 off, though the actual prices vary depending on local labor costs and other factors. Additionally, if your state has high geothermic activity, then you will recoup your cost faster. However, geothermal can be much more efficient than wind and solar as it isn’t impacted by weather. It will always run as long as it’s powered. Also, depending on the loop system you choose and how it corresponds to your environment you can generate a lot more energy. Overall, investing in geothermal can be a smart choice depending on your location and budget as it will save you money over time and lessen carbon emissions. Feel free to ask our Why Switch AI chatbot for more information!
