Harnessing Earth's Power: A Deep Dive Into Geothermal Heating and Cooling in Westchester County NY
Harnessing Earth's Power: A Deep Dive into Geothermal Heating and Cooling in Westchester County, NY
As homeowners in Westchester County, NY, strive to create more efficient, cost-effective, and environmentally friendly homes, they are turning their attention to geothermal heating and cooling systems. This post delves into what geothermal heating and cooling is, its associated costs, projected savings, and tax credits that make it a compelling investment for property owners.
Understanding Geothermal Heating and Cooling
Geothermal heating and cooling systems capitalize on the steady temperature of the Earth beneath the surface. While air temperatures fluctuate with the seasons, underground temperatures remain consistent year-round, providing a reliable and renewable source of heating and cooling.
A geothermal heat pump (GHP) is utilized to transfer heat to or from the ground. In the winter, the system extracts warmth from the earth and channels it into the home. In the summer, the system draws heat away from the house and dissipates it into the ground, effectively cooling the home.
Costs of Installation for Existing Homes
The installation cost of a geothermal system for an existing home in Westchester County can range from $10,000 to $30,000, depending on the system's size and the specificities of the property. This price includes drilling, system equipment, and installation. Although this initial outlay might seem steep, the long-term savings often justify the upfront costs.
Geothermal heating and cooling systems can yield significant savings on energy bills. While the savings vary based on a number of factors such as the size of the home and the efficiency of the old system, homeowners typically see a decrease of 30-60% in heating costs and 20-50% in cooling costs. Furthermore, the system’s high efficiency means less maintenance and longer equipment life, resulting in additional savings.
To incentivize homeowners to switch to renewable energy, both federal and New York state governments offer tax credits for geothermal systems. The federal tax credit, as per the Bipartisan Budget Act of 2018, provides a 26% tax credit for systems installed by 2022, with the credit decreasing to 22% for systems installed in 2023.
In addition to the federal credit, the New York State Energy Research and Development Authority (NYSERDA) offers a rebate program that can cover up to $15,000 of the system's installation cost.
Harness the Power of the Earth
Transitioning to a geothermal heating and cooling system in Westchester County is a worthy consideration for homeowners seeking to increase their home's efficiency, reduce energy costs, and contribute positively to the environment. Despite the upfront cost, the potential savings and tax benefits make it a promising long-term investment.