Costs will vary by location, the size of your home, equipment installed, and local incentives, but on average you can expect to pay between $18,000 to $30,000 for the installation, the indoor unit, and the underground loops. As a reminder, the system will end up paying for itself in three to four years.
Homeowners who install a geothermal system are eligible for a generous federal tax credit and could also qualify for state and utility incentives.
Potential tax credit this year
from Jan. 1, 2020 uuntil Dec. 31, 2020
Potential tax credit next year
from Jan. 1, 2021 until Dec. 31, 2021
Average savings by state
Average savings refer to dollars saved when compared to homes with a gas furnace and electric A/C, using the local gas and electric prices from each state.
Flexible Payment Plans
While installation costs tend to be higher than traditional HVAC units, flexible payment plans are available for installation. And the system can pay for itself in just three to four years.