Maurie McGuireA recent Time Magazine article lists Geothermal Heating and Cooling as one of the top tens ways to help slow global warming. Taking note: Fashion Icon Diane von Furstenberg. She reinvigorated women’s fashion in the 1970s with the wrap dress. Can she do the same for a building? Her newest project is a 35,000-sq.-ft. office, showroom and retail store in Manhattan’s trendy meatpacking district, all heated and cooled by water pumped from deep underground.
What is geothermal heating and cooling?
Outdoor temperatures fluctuate with the changing seasons but underground temperatures don’t change as dramatically, thanks to the insulating properties of the earth. Four to six feet below ground, temperatures remain relatively constant year-round. A geothermal system, which typically consists of an indoor handling unit and a buried system of pipes, called an earth loop, and/or a pump to reinjection well, capitalizes on these constant temperatures to provide “free” energy.
Good for the earth, and saves money
According to Geo Exchange, a non-profit trade organization for the geothermal industry, geothermal systems can reduce heating and air conditioning costs by 25 to 70 percent. A geothermal heat pump also requires less maintenance than traditional heating and cooling systems. The only power requirements of a geothermal heat pump are electricity to power the pump and a distribution fan. The cost to run a geothermal system can be as low as $1 a day.
convenient way to grown your own food!
Bonus!
In addition to the direct cost savings, there are also tax and other potential financial benefits to these systems.
According to the Department of Energy, the American Recovery and Reinvestment Act of 2009 extended renewable energy tax credits and provides for a 30 percent tax credit against the installation of renewable energy heating and cooling systems, including geothermal heat pumps. The tax credits are available for systems installed through December 31, 2016.
The National Association of Realtors Appraisal Journal estimates a home’s value increases by up to $25 for every dollar in utility bill savings. With a geothermal system that saves $100 per month times 12 months times $25 equals a home value gain of $30,000. The actual numbers may vary significantly, but it is good to know that installing a geothermal heat pump can reduce your tax bill and increase the value of the home.