- Type of System: There are two main types of geothermal heat pump systems: closed-loop and open-loop. Closed-loop systems are the most common, and typically cost between $2,000 and $25,000 depending on the size of your home and the length of the loops. Open-loop systems tend to be less expensive, with costs ranging from $10,000 to $20,000, but they require a nearby source of clean water.
- Home Size: The larger your home, the more it will cost to install a geothermal heat pump system. That’s because you’ll need more loops to adequately heat and cool the space. As a general rule, you can expect to pay between $2,000 and $4,500 per ton of capacity, with most homes requiring between 3-5 tons.
- Ancillary Costs: In addition to the installation itself, there are a few other costs to keep in mind when planning for your geothermal heat pump system. These may include excavation costs, as well as the cost of ductwork or other modifications needed to accommodate the system.
- Tax Credits and Incentives: It’s also worth noting that there are a number of tax credits and incentives available to help offset the cost of installing a geothermal heat pump system. Depending on where you live and the specifics of your installation, you may be eligible for federal, state, or local tax credits or other incentives that can significantly reduce your out-of-pocket costs.
Geothermal heat pumps are a highly efficient and environmentally friendly way to heat and cool your home. If you’re considering installing one, you’re likely wondering how much it will set you back financially. On average, a qualified geothermal heat pump installation costs $12,708. However, the final price will depend on a few factors, such as the type of system you choose and the size of your home. Here are some of the key cost considerations to keep in mind: