Cost is pretty important.
This sort of attitude bothers me. I'm not trying to run a race team. I am trying to save on energy costs. And the biggest downside to geothermal is the very high installation cost. This is compounded by the uncertainty of the outcome and my confidence is further diminished when I meet contractors who seem to want to price the installation based on how much money it will save me over ten years rather than how much it would cost to install with a reasonable mark-up.
Originally Posted by SkyHeating
It reminds me of a time 5 years ago when building contractors would try to price their jobs based on the effect of the project on your home value rather than how much it costs.
The savings just aren't big enough (considering the cost of installation) to justify this sort of headache unless you just want to be able to tell your friends you use a geothermal heat pump. I mean seriously, it takes at least 7-10 years to get back your money and that assumes zero time value of money. You get on a payment plan and you might not break even for 15+ years.
You really need something closer to 3-5 year payback to really get people on the bandwagon. Maybe the technology isn't there yet, maybe the industry is price skimming because there simply isn't enough demand to aggressively chase business, probably both. I don't think this technology or industry is mature enough to really attract a broader audience.