Many of us don’t have $20K or more laying around to pay for a geothermal heating/cooling/domestic-hot-water system. However, through a combination of rebates and financing, a geothermal system can not only be quite affordable, in many cases, it will pay for itself in energy savings immediately.
New York State Energy Research and Development Authority (NYSERDA) encourages New York residents and businesses to convert to geothermal by offering a Ground Source Heat Pump Rebate Program to defray some of the costs. The current program, which runs through June 2019 or when the allotted funding runs out (whichever comes first), provides rebates of $1500 per ton for qualified systems up to 10 tons – an average size residential system is 4 to 5 tons – and $1200 per ton for larger systems. Single-family residential systems are capped at $15,000. All applications must be submitted by participating designers or installers like Lake Country Geothermal.
After all rebates and incentives are applied, 100% of the remaining balance can usually be financed. Through our partners, we offer several attractive financing options including secured and unsecured loans with terms to 20 years and encourage you to contact us to learn more. In many situations, we can even get your monthly payments lower than your energy savings so your system is immediately cash flow positive! And recall that the average life of a ground-sourced heat pump is 25-30 years and the loop >50 years, well beyond the term of your loan.
For typical financing scenarios, check out these blog posts: