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Originally Posted by Winilyme
I don't know Flying. We did that analysis 26 years ago when the incentives were great for a new build install. I don't recall for sure what the payback scenario was at the time but I believe it was in the 7 - 8 year range.
The geo units are much improved now too. Last night the temp got down to 5 below F and the house was a comfortable 66 degrees (what we had the stat set at) with no need for the electric back-up (I have those circuits turned off at the panel). Our older unit would have required the back-up at about 5 degrees above. Our electric bills last year were about $425 per month in January & February (4,000 SF very tight home) which, of course, includes lighting, hot water boost and appliances. That was with the older unit. Our January bill this month is $307 with the new unit and higher electric rates due to the gas supply woes in the northeast. We keep the temp at 66 night/69 day and there are only two of us in the home.
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$425 a month yikes. Even $307 seems high. You should seriously look at Solar.
Geothermal does not need any back up heat source. Unless, like John mentioned it is not sized large enough. 4000 Sq ft is pretty big. That might make practical sense in that sizing a GeoThermal for peak load (say -10F or lower) for 4000 sq ft would cost so much vs a simple electrical backup that on kicks in 1-2 weeks a year, if at all.
It's the same idea as Mini Splits with a backup. They might only be more efficient down to say 0F. But you can run them less efficient at even lower temps or switch to alternate heat just for those few weeks. But overall they still save a lot.
I assume the Geothermal keeps running at these low temps, you just need a little boost.
We keep our thermostat at 70F in winter (we are both wimps) and 78F in the summer (if AC is on). But it cost us peanuts for heating fuel, house is 2000 sq ft. Natural gas was $765 for all of 2021 (that includes all appliances). It is a new 96% efficient forced hot air system.