What is the economics of geothermal energy
The biggest cost factor for this heating method is the borehole for the probe, which is sunk at a depth of 80 to 100 meters and that is very costly. The heat pump is also slightly more expensive than oil or gas burners, and electricity costs are added to the running operating costs, since it is a heat pump that converts cold into heat using electricity. A useful side effect, however, is that heat can also be converted into cold, so the heating becomes an air conditioning system in summer. And not insignificant is the fact that considerable subsidies are paid out by the state for the installation of a geothermal heat pump.
If it is a building in which existing heating systems are being replaced, additional cost-intensive measures must be taken. The use of geothermal energy only makes sense if the house is very well insulated. In addition, not only the conventional burner must be replaced by the heat pump, but also all existing radiators, because geothermal energy works on a low temperature basis compared to conventional burners, for which only the appropriate radiators or underfloor heating have to be installed.
With these high investment costs, it is difficult to make out an economic efficiency compared to the previous system. However, you have to ask yourself whether one or the other investment, such as insulation, should not be made one way or another.
In the case of a new building, these costs also have to be raised, but they are already part of the standard and you also save some costs, since neither a chimney nor a gas connection have to be available. In the case of a new building, it is therefore always economical.
It looks even better for multi-family houses, because here the high acquisition costs are spread across several households. The amortization of the system is thus achieved much faster.
Due to the high investment costs, the installation of a heat pump is the variant with the longest amortization compared to other alternative methods, such as solar energy in connection with a gas condensing boiler.
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