As a homeowner, you probably use electricity, natural gas, or oil to power your home. Over the past several years two other energy sources have emerged: geothermal and solar. Both of these sources use the power of nature to produce energy and can save you money on your monthly bills, but which is right for you?
How They Work
First, we’ll give you a brief description of how each energy source works: Solar power uses solar panels, which are often installed on your roof. These panels capture the light from the sun and turn it into a usable electricity. Geothermal power uses the heat from the earth to control a looped underground system, which can then heat or cool your home.
Before you consider an alternative source of energy for your home, first consider your location. Solar power relies on the sun, so if you live in an area that’s constantly cloudy, you might not benefit from it as much as you could. And geothermal power, while beneficial in every region, is incredibly effective when producing heat, so a home in a colder area is an idea candidate.
The cost of a geothermal heat pump installation and the cost of a solar panel installation both depend on the size of your home and how much energy you use. While the average cost of a geothermal heat pump is between $20,000 and $25,000, a solar panel installation can vary based on how many solar panels you decide to use (but is typically between $10,000 and $20,000).
The amount of money you save with an alternative energy source depends on the bills you’re trying to cut down. If your home is powered by oil or natural gas and you choose to install solar panels, your solar panels will only save you money on your electric bill. However, if you opt for a geothermal heat pump installation, it will save you money on your heating and cooling bills.
Choosing to use geothermal energy or solar energy is a big decision. Talk to one of our experts – we can help you decide which is your best investment.