Geothermal heat pump prices vary depending on the type of system employed and of course the manufacturer. You will save yourself a lot of money in the long if you decide to have a system like that installed, but the initial cost is relatively high. The initial geothermal cost varies greatly according to the equipment selected, local labor rates, the geology and size of the location. Conclusion is that initially, GHP systems cost more to install compared to an air source heat pumps.
The most expensive component of the entire geothermal heat pump system is the ground loop. The main things on which this price depends are labor rates in the given area and characteristics of the location where the digging and drilling will be made. Installing the ground loop will cost you anywhere between $1,000 and $3,000 per installed ton. Bottom line is that you should be prepared to pay between $2,500 and $10,000 more for a 3-ton GHP system compared to an air source heat pump system.
The reason why geothermal heat pumps are a really efficient way of condition a home is that they combine high efficiency with low operating cost. According to the EPA, geothermal heat pumps can save homeowners 30 to 70 percent on heating and 20 to 50 percent on cooling costs over conventional systems. As a result of that, heating and cooling savings can range between $358 and $1,475, annually.
Here is a real-life example. After running a system like that for just a month, a customer received his electric bill and the results were quit astonishing. For the course of an entire month, the bill was only $60 higher compared to the previous month (without the system), so the actual heating bill of this family was just $60, which is a great result for a 4 tons system in a rather large home. This family being mentioned in our non-fictional example paid around $10,000 for the geothermal equipment and another $9,000 for the ground loop. So the entire cost was about $19,000 which of course is a lot of money, but if you think about all the savings you will make in the future and the fact that you are not polluting the environment by burning fuels or propane, you will see that it's totally worth it. Competing HVAC systems are even more expensive in other countries and the same family in this example was quoted $16,000 for an oil-fired furnace and electric central air conditioning system.
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