The size of the geothermal heat pump and the size of the ground loop varies depending on the heating and cooling requirement of a house. Here it must be noted that installation of a geothermal heating is not a project that can be accomplished by an amateur and hence one would require the service of an expert. Thus, the cost of installation involves the labor charge as well as the type of loop system that is installed either the vertical one or the horizontal one. It has been seen that the cost to install a geothermal heat pump in an average home with moderate heating and cooling requirement is something between $20,000 and $25,000 which is almost twice the cost of conventional heating and cooling. However, the good thing of geothermal heat pumps is that they can reduce the utility bills by 40 to 60%.
Disclaimer: Although the above rates are typical average rates that can be seen across USA, they can vary in certain areas depending upon city and the variables associated with each individual project.
Now let us have a look at the factors that play an important role in determining the cost of installing a geothermal heat pump. They are the following:
Size of the Building: It is an obvious fact that bigger the building more will be the heating and cooling requirement and hence a bigger sized geothermal heat pump needs to be installed. With increase in size of the geothermal heat pump, the price will also increase.
Size of the Loop: If you need a bigger system, the loop that will go inside the ground will be longer and a geothermal heat pump contractor generally charges per foot for the loop. Thus, in case of bigger systems, the loop will be longer and the price will also be more.