Geothermal will absolutely increase the resale value of your home because you now have the most energy efficient heating and cooling system available. This makes it more lucrative to potential buyers. Currently we are seeing a $25,000 to $30,000 increase in resale value, though some studies have shown up to a 40% increase.
There are several other factors to consider as well.
- One of the most advantageous selling points, other than energy savings, is the fact that geothermal is a 100% renewable energy. As environmental concerns grow, people are becoming more and more drawn to renewable and sustainable technologies for their lives.
- Your home will also have the most modern heating and cooling system available, including monitoring and remote access capabilities.
- With no equipment located outside, you will no longer have the eyesore and noise pollution of a traditional AC system.
- Geothermal systems also have a longer lifespan than traditional fossil fuel systems, and a continuous source of renewable energy from the ground loops, which will never need to be replaced.
- Lastly, one thing it is difficult to put a price on is the value of your home’s comfort. A geothermal system allows you to heat and cool without worry of a skyrocketing energy bill. This means you can keep the temperature exactly where you want it, guilt-free. No need to grab the extra blanket or a sweater. Just turn up the temperature!
But will it affect my property taxes? What about my homeowners insurance?
Another concern is whether a geothermal system will increase your taxes, since it is considered a capital improvement. In most municipalities geothermal will not increase your property taxes since it is not adding to the size of your home, and every home needs an HVAC system.
Additionally, your homeowners insurance should cover your geothermal system without increasing your premium. Just to err on the side of caution, it is always a good idea to check with your insurance company and local municipalities before an install.
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