What Does a System Cost?
S&B Geothermal can provide an accurate estimate of the system cost for your particular circumstance. As the most experienced heat pump contractor and installer in Minnesota, S&B Geothermal knows what labor and materials are needed to do the job correctly.
The cost of a geothermal heat pump system depends on a number of variables:
- Building size and construction.
- Location.
- Soil conditions.
- Geothermal system type (hydronic, forced air, both) and any other equipment needed.
- Loop field type and size.
- Heating and cooling load.
Accurate estimates are prepared based on building plans for new construction, or an examination of your existing home, out-buildings, or commercial facility.
There are a few general principles about the cost of geothermal heat pump systems.
- Geothermal systems cost more to install. Ongoing energy expenses are considerable less than other systems.
- The payback period is usually between two and seven years depending on local weather, installation costs, and local energy costs.
- Loop field installation accounts for most of the higher cost of a geothermal heat pump compared to a high quality conventional system. The cost of an open system is comparable to a conventional system.
- On average, a typical home of 2000 square feet will cost between $12,000 - $20,000. This cost can be reduced with utility rebates and tax credits.