Is Geothermal Energy Worth the Investment?

Deciding to invest in a geothermal energy solution can be tricky. When comparing it to solar, it is a lot more expensive to get started, and can take up to 20 years to pay itself off. The pumps also require electricity to power, so it’s not technically free. Like solar energy, there are also federal tax credits ranging from 22% to 30%, which are applicable on installation. When considering what solution to buy, keep in mind that estimates are rarely over $4000 off, though the actual prices vary depending on local labor costs and other factors. Additionally, if your state has high geothermic activity, then you will recoup your cost faster. Geothermal also has the potential to be much more efficient than wind and solar because the weather does not impact it—it will always run as long as the pumps are powered. Also, if you choose a system that fits your home environment, you can generate a lot more energy. Overall, investing in geothermal can be a smart choice depending on your location and budget, as it will save you money over time and lessen your carbon emissions. Feel free to ask our Why Switch? AI chatbot for more information!