Brace yourself... projected heating costs are likely to snowball this winter and send a chill through your family budget. The National Energy Assistance Directors Association (NEADAA) recently released its projections for winter 2023-24—a rise in heating oil prices by 8.7% over last year’s prices and a rise in propane by 4.2%.
A 1% decrease in the cost of natural gas may be the only bright spot. That is, until we remember that last year drove prices to a 26.7% increase over the prior year. One percent off that whopping number doesn't seem like much to celebrate.
What better time to review the cost savings geothermal heating and cooling provide? Here are six ways a geothermal system can reduce your monthly utility bills. The good news? You can begin saving immediately upon your system’s installation.
- High efficiency - Geothermal produces 3 to 5 units of heating or cooling energy for every unit of electricity you use. Paying for less energy means more money in your pocket at the end of each month.
- Stable energy costs – Geothermal systems draw warmth from solar energy stored in the Earth. Whether there's a heat wave or a cold snap, the temperature underground stays consistent year-round. Spikes in oil, propane, or natural gas prices won’t affect your wallet.
- No micro-managing your thermostat - Constantly adjusting your thermostat costs money. Each time your conventional furnace “kicks on,” it uses more energy than when it runs uninterrupted. Geothermal users often take a “set it and forget it” approach to their thermostats and save money in the process.
- Zone heating and cooling – When you opt for a geothermal system with zone heating and cooling, you heat or cool only the parts of your home that are in use. Your reduced energy consumption translates into savings.
- Hot water savings – Your geothermal heat pump uses excess heat to make hot water. You’ll realize 25%-40% savings on hot water annually.
- Long lifespan, low maintenance - Geothermal heat pumps have fewer moving parts than conventional heating and cooling systems. Tucked away indoors, they are immune to harsh weather. These features result in a long life for the system and reduced maintenance costs—more savings.
If you like the idea of lowering your monthly utility bills despite rising fuel costs and plunging temperatures, contact Enertech today.