Have you wondered what the term “geothermal energy” means? Ecologically-minded green living is a growing trend in the real estate world. The Geothermal Energy International Market found that between 2005 and 2010, the US retained world leadership in production of green living products, including those involving geothermal energy.
For homeowners, increased interest in geothermal products is due to a little-known, but very generous, tax credit available for the next five years. Consumers who install solar energy systems – or geothermal systems – can receive a 30% tax credit for systems in place before December 31, 2016.
Remember what you learned in school, about how below the earth’s surface is boiling hot magma? Geothermal systems harness that heat and energy, by pumping up hot water and steam. The amount of heat within about 33,000 feet of the earth’s surface contains 50,000 times more energy than all of the oil and natural gas resources in the world.
How do you integrate geothermal energy into your own home? All you need is to have a ground source heat pump installed. Either air, or antifreeze, is pumped through pipes underground, then circulated throughout your home. In the summer, the liquid moves heat from the building into the ground. In the winter, it does the opposite, by moving pre-warmed air and water into your heating system.
In terms of price, a system (with necessary drilling) starts around $17,500. The units are durable, quiet, easy to maintain, and offer year 'round comfort. Initial costs are offset within five to 10 years, as they are claimed to save 70% over traditional heating costs.
If you’re considering "going green" to heat and cool your home, think about geothermal energy. If you’re looking to buy or sell a home at Smith Mountain Lake, then contact Vicki Millehan, your local real estate expert.
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