GEOTHERMAL - home heating

So my wife and I are house hunting and are really hoping to score a deal on a house we DIDNT get to put an offer on. Long story short, it was a bank owned foreclosure and we hadn't known about the property until it was already under agreement. The buyer was one of 6 offers, but he was an investor with a cash offer. His settlement is in mid February and an agent got in contact with him to find out if this property was a home purhcase or for an investment to flip. It is the latter and he will offer us a price on the place after his settlement with the bank.

OK, now onto the next thing... The home was built in 1966 on 0.5 acres and is 2500sqft finished living space between a main and upper floor. It also has a massive unfinished basement. The home currently has an oil furnace for forced hot air and central AC. The furnace is pretty old and we aren't exactly thrilled about the possibility of paying escalating oil costs to heat the place for years to come. Our plan would be for this place to be a 20yr+ type of home for us.

Do any of you have experience with having geothermal systems and heat pumps? What was your upfront installation cost? How long have you had it and are you seeing significant savings over fuel heat? Does it adequately heat and cool the home?

Thanks for any info you can provide!


-Steve

Earth heat ( geo-thermal) is dependent upon climate (where do you live). If the weather is going to go down below freezing the backup heaters ( generally resistant type electric ) kick on ( electric heat is expensive ).

Will this be an open loop or closed loop earth heat system , open loops use ponds or closed loops are buried in the ground.

The air moves at a slow steady pace to achieve the desired temperature ( no fast heat up like a forced air system ).

Returns on your investment may become apparent over the course of years.

Augmenting the heat with wood burners is not uncommon.

I converted from gas to a standard heat pump 2 years ago and the savings have been tremendous. I'm heating/cooling around 2500ft and so far this winter my highest monthly bill has only been $165 compared to friends who've seen $400+. Total cost for the conversion was right around $3000 for the heat pump, air handler, and installation. They re-used all my existing duct work. The heat is a little different though. I had to bump up the stat a couple degrees to maintain my marriage.

The geo-thermal versions are supposed to be way more efficient but the up front costs are pretty hard to swallow.