Savings

Long-Term Energy and Cost Savings

Homeowners with geothermal systems can realize significant cost savings over time as a result of lower overall utility bills. Geothermal systems are highly efficient in both heating and cooling modes. They are 50 to 70 percent more energy efficient than traditional furnaces and 20 to 40 percent more efficient than conventional air conditioners.

The EPA has found that geothermal systems can reduce energy use by 40 percent when compared to air source heat pumps and 70 percent when measured against electric resistance heating and standard air-conditioning.

As a result, homeowners can save 25 to 50 percent on their utility bills, when compared with more traditional heating and cooling systems.

Monthly utility savings depend on several factors, including the cost of energy, the size of the home as well as the age and function of the replaced systems. One example, cited in Forbes (June 4, 2007), projected a total 60-month savings of more than $21,000.

For more detailed information on how much you and your family could save off your utility bills with a geothermal system, click the rectangular button at right labeled “savings calculator.”

Expanded US and State Tax Incentives

In addition to the considerable savings on utility costs, homeowners can also now save up to 40 percent on the total cost of installed geothermal systems, as a result of federal and state tax incentives. With the passage of the February 2009 economic stimulus bill, both homeowners and commercial property owners qualify for tax advantages.

Now through 2016, residential owners can earn a one-time tax credit equal to 30 percent of the total cost of an installed geothermal system. In addition, Georgia homeowners qualify for a separate state tax credit of $2,000, which can take the overall savings to as much as 40 percent. Meanwhile, commercial owners qualify for a similar tax credit totaling 10 percent of the invested total.

For more information about the utility savings and tax incentives you can enjoy by installing a geothermal system, contact Kenny Libby or Brian Copeland at (678) 672-5190. They can also be reached by email at kenny@geosaves.com or brian@geosaves.com.