Many homeowners would love to take advantage of the energy savings that geothermal heat pumps (GHP) can provide, however, the high cost to install these systems can prevent some from making that purchase. However, the federal government is now offering a way to finance geothermal systems that may make the initial cost a little more palatable to homeowners.
Last year, the Federal Housing Administration (FHA) introduced a loan program that enables homeowners to make cost-effective, energy-saving improvements to their homes. The PowerSaver program allows homeowners to borrow up to $25,000 for terms as long as 20 years to make energy improvements of their choice, including insulation, duct sealing, energy efficient doors and windows, energy efficient HVAC systems and water heaters, solar panels, and geothermal systems.