Financing the entire cost of a geothermal installation overcomes the barrier that would otherwise prevent many from converting to a cleaner, safer, more comfortable, and more cost-effective heating & cooling solution. And, in many circumstances, it can be accomplished in a way that makes it cash neutral or positive for the homeowner.

Until recently, long-term financing for geothermal systems was not readily available. However, many banks and financial institutions have come to recognize that geothermal heating & cooling systems are a durable asset and often a good investment. More and more are now offering a variety of financing options and terms up to 20 years for geothermal systems.

You may find that your bank can offer you a loan product that will meet your needs. If not, we offer several attractive financing options through our affiliates. These fall into one of two general categories:

  • Unsecured loans are primarily based on the homeowners’ credit score(s) and do not require any equity in the home. Terms up to 20 years are available and annual percentage rates (APR) currently vary from 7 to 8.5%. These products also offer a short-term loan to cover the Federal tax credit until you receive its benefit.
  • Secured or collateralized loans typically use the equity in your home to enable a lower interest rate. Terms are usually 10 to 15 years with rates currently as low as 4%.

In addition, NYSERDA offers very attractive financing options that are especially designed to enable low- to middle-income homeowners to afford the conversion to geothermal heating & cooling. You can learn more about these and begin the application process here.

If you currently heat with oil, propane, or electric resistance, often your energy savings will more than offset your monthly loan payments, resulting in immediate positive cash flow after your installation… and no money up front!

Contact us if you’re interested in financing your geothermal installation.