Economic Incentives for the use of Geothermal Systems
Commercial
Federal programs provide building owners with several incentives that, when combined, could total almost 50% of the geothermal installation cost, giving benefits to building owners of installation cost reduction, higher building valuation, and lifetime access to a source of free thermal energy.
Geothermal HVAC Federal and State Incentives
New Incentives for commercial building retrofits
New Geothermal Heat Pump Incentive for Businesses
The Efficiency Pilot Program is now offering incentives for business and public sector customers seeking to improve the efficiency of their existing facilities through the installation of a geothermal heat pump system. Customers with pre-approved projects will be eligible to receive cash rebate based on a system capacity up to 50% of project cost. For a detailed explanation and rebate cap amounts please call our office to discuss.
- Geothermal Energy Solutions is approved ComEd Energy Efficiency Business Trade Allies, have the Illinois Commerce Commission Energy Efficiency Installer certification, and the GAOI design and installer accreditations.
Cost
When analyzing the cost of a geothermal system there are important factors that needed to be addressed –initial installation cost- saving/efficiency – should be considered as well as another major parameter – the system’s long-term operation expenses. Drastic savings from lower operational costs of geothermal heating and air-conditioning systems will create additional cash flow and that will result in building value increase far over the initial incremental cost of HVAC system modification.
When comparing the initial cost of the systems, it is important to understand that distribution ductwork and controls will be the same for geothermal and for conventional system. The main cost difference for geothermal system will be cost of drilling and placing the underground loops – the source of thermal energy for the life of the building, the conduit for the sustainable energy transfer from the ground to the heat pump to the building HVAC.