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.
Related Articles
Geothermal System Costs: Considerations
The cost of geothermal systems varies. This depends on specific customer information, such as property details and needs. These systems are gaining popularity due to rebates and tax credits.
How Do Geothermal Systems Work?
Geothermal systems use three main components: the ground loop heat exchanger, the ground source heat pump, and the distribution system. These three components deliver this heat throughout the home.
How Do We Heat (and Cool) Your Home with Cold Water?
It’s all about the energy! Geothermal systems harness and compress energy in the heat pump to heat and cool your home. This renewable energy keeps your home comfortable year-round.
