I just paid $625 for 174 gallons (less than 1 months worth) of home heating oil. So I thouhgt I would look into saving some money. I had a contractor give me a bid for a ground source heat pump.
Here is his proposal for a 6 Ton system for my 3400 sq foot home in Massachusetts.
* One Carrier GT-PX water-to-air geothermal heat pump installed in place of the existing furnace in basement. Unit features a two stage compressor, Puron refrigerant (does not deplete the ozone layer), variable speed fan, and is Energy Star compliant.
* One vertical U-bend closed loop geothermal system with fusion welded
polypropylene piping 5’ below grade in yard
* All necessary excavation and clean up for the well drilling
* Flow Center with Grundfos circulating pump
* Two electronic heating and cooling thermostats
* Modify existing ducts in basement to create a two zone system
* All necessary low voltage for new system provided
* All necessary line voltage mechanical connections provided
* Connect heat pump desuperheater to existing gas-fired hot water heater
We propose to furnish materials and labor in complete accordance with the above specifications for the sum of: $x
The problem is that if I take out a 20 year home equity loan my payments will be $347/month.
At current oil prices $3.60/gallon I'll save $210/month on oil (700 gallons/year spread out over 12 monhts).
I know I will also save electricity in the summer on my A/C but I suspect that those saving can't be more than my electrical costs to run the heatpump in the winter.
Now if oil goes to $5/gallon (pleasant thought) or if the price drops to below $xit might make sense.