If you are currently considering having a new geothermal system installed in your Abington home you may wonder if that big investment will pay off if you decide to sell your home before the payoff period begins. Because any energy efficient upgrade for your home will take many years to pay off, it is important to know whether it will have a positive impact on the perceived value of your home.
To date, it has been hard to determine if people actually see an increase in home value after having a geothermal system installed. On paper it would make sense for there to be such an increase in value because the system reduces the cost of heating and cooling month after month, year after year. However, geothermal systems are relatively uncommon still so data about such sales is limited. Because most home valuing occurs in comparison to the sale of nearby homes, it would be hard to determine the impact in any one neighborhood unless a nearby home of a comparable size and with a geothermal system installed was sold recently.
Another factor to consider here is the perceived problems that come with a geothermal system. The technology is new and a potential buyer may be nervous about having to deal with a new system they do not understand and that could conceivably break at some point in the future. They may not even realize it is a unique form of heating and cooling or that there are substantial energy savings involved in having such a system.
Despite all these potential drawbacks, however, most realtors believe that green homes have a slightly higher value than those that are not considered green. A study conducted in 1999 showed that home values tended to increase by as much as $20 for every $1 per year saved in energy costs. Recent studies have shown similar interest in energy savings over what is considered the standard and real estate agents are increasingly using tools to pinpoint green energy homes for those seeking such options.
While there is no way to be certain how much a geothermal system will affect the value of your Abington home, it is relatively safe to assume that such an upgrade will have a positive impact on its value. For more information about geothermal installation in Abington, give Carney Plumbing, Heating & Cooling a call!