I would like to personally thank you for placing your trust in us over the years. We look forward to a long relationship making your home or business comfortable while reducing its environmental impacts. As always, please call our office or stop by and we will gladly assist you with any questions or concerns.
Record High Oil and Propane Prices Translate to Big Geothermal Savings
by John Ciovacco
If you already have a geothermal system you must be feeling good about your decision. You may want to forward this newsletter to your oil and propane friends, to let them in on the secret.
This winter New Yorkers had the highest heating oil prices on record with a statewide average of $4.14/gallon, according to NYSERDA's published data. Propane users didn't fare much better with the statewide average for the same period at $2.73/gallon. Households that switched to a geothermal heating system have saved 68% versus oil and 62% versus propane! These are big numbers when you consider a house using 1,000 gallons of oil would save $2,815/year after switching to geothermal.
Steady increases in fossil fuel prices and federal tax incentives through 2016 have made the decision easy for many homeowners and businesses. A good number of our residential retrofit customers can be cash flow positive from the first month by taking a 30% federal tax credit and using NYSERDA's On-Bill Recovery and Smart Energy Loans. For retrofit customers NYSERDA offers a low interest loan up to $25K for geothermal installations. On new construction extra money spent on a first-class geothermal system usually realizes a 20% or better Return on Investment with simple paybacks in the 3 to 5 year range.
Aside from the economic benefits, geothermal is the best way to eliminate greenhouse gas emissions from a home by removing the need to burn fuels for the substantial heating season we enjoy in the Northeast. In the summer we also see greater efficiency than conventional air conditioning since it takes less energy to expel heat into the relatively cool earth than conventional systems that are forced to transfer heat into hot outside air.
5 McCrea Hill Road
Ballston Spa, NY 12020