How to finance geo?

Leveraged systems

I am currently doing two systems that I hope I will be able to leverage the water to water machines and various radiant floor applications, to provide heat greater than the heat loss numbers. The plan is slow and steady wins the race.

Mark

 

Radiant is ideal, but way beyond my financial means unfortunately. I really should just sell and move to South Carolina so I don't have to deal with frigid cold winters anymore.

 

I have the desire to install geo, I think I have the ability to get a loan for the geo (95% certainty), yet these dealers don't want to call me back. I am beyond frustruated!! Why is it that only the dealers who are quoting me $15k over everyone else are pounding down my door but the two guys who were reasonable won't return my calls. I am so ready to say screw it.

 

Not sure you expected an answer........?

 

Nope. Just venting. I had my entire house built with less frustration than installing this geo system is causing me.

 

Find a better contractor?

 

You can consider being the general and hiring out the different aspects of installation.

 

Wow, reading through this thread I feel I either got a steal or there are some insane markups from my region to yours! I'm not too far east of St Louis (on the IL side) and had a system installed in 2010 (WF envision, 3 ton, desuperheater tank, vertical loop) for $15k. Parts, labor, drilling -- everything. The only thing not included was re-grading my lawn, and that's ok, because I have a shovel and I'm quite handy with it. I could only find one competing bid when I was doing my own research locally but it was $30k for the exact same install work; except they wanted to grade the yard for me -- no thanks!

Factor in the federal tax credit of 30% and I was only out $10k in the end, which can be easily financed, it's certainly less than the cost of a car.

 

So I got my loan for $50k last week and called my #1 choice and he is no longer with the company. I wanted HIM, not his company, so here I am back to square one again. I am sure if I really wanted I could call the company and see if they will honor his quote and send someout out for me to meet.

This week I had a recommended installer out and he measured the house and gave us a quote on site intalling the same sized system (only ClimateMaster, not WaterFurnace) for $10k more than guy #1 above, which is also over my approved loan.

I am at the point where I need to really decide if I want to put myself out that much money to do this. I know it will pay for itself in the long run but I also know it doesn't add value to the house and if we do decide to up and move before the payback period then I will be stuck with a large loan to deal with.

At least guy #2 had a horizontal installer out who is working up a quote for slinkies. I am not sure what the price differential is yet. I am also not real fond of the thought of my entire yard getting torn up. We have clay under our topsoil and if that is left on top we will have to have thousands of dollars of new top soil brought in to grow new grass whcih may negate the whole savings.

Oh: and as far as an energy audit. We had another done by our solar installer. He said our home is only a fraction away from what could be considered an energy star home. The sealing we did in the attic brought down the blower air test significantly, which was so nice to see. They also said if we finish our basement our house will be TOO sealed and we will need to install a DX exhanger to bring fresh air into the house.

 

Any chance of tracking him down? Would he perform the actual installation?

I don't believe it is correct to say that the system "doesn't" add value to the house. Based on conversations with our appraiser, he added about $10,000 to the value of our house due to our geothermal system. It may be better to say the system may or may not add value to the house. Lots of factors involved in RE.

For example, assume two identical houses side by side, one with significantly lower heating and AC bills due to a geothermal system. Wouldn't you pay more for the house that has lower utility bills?

That said, you need to decide if it is worth the potential financial loss if you think you may move before the payback period.

 

Go back to advertisers here and IGSHPA list of certified installers (your missing man might be there) see if there is an option you missed.
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