Via Sustainable Energy Coalition/SUN Day Campaign and Peak Oil USA —
The Obama Administration’s nominee for Secretary of Energy, Ernest Moniz, making informal comments on Capitol Hill in advance of his Senate confirmation hearing, observed that the petroleum age is entering a “new chapter” where increases in global supply are becoming substantially more difficult and expensive to achieve and sustain. “We are not running out of oil, there is still an immense amount of oil in the ground,” emphasized Moniz, “but the economic and energy cost of extracting and processing that oil is simply going up, not down.” He added that “in economic terms, marginal cost is increasing, which generally means price needs to increase with it to maintain supply.”
Luckily, geothermal HVAC is far and away the best investment for your dollar in new home heating while the current Federal Tac Credits are in place. If you combine the 30% Federal Tax Credit (good until 2016) with the advantage of no recurring utility cost (besides a small electric KW requirement) against the installed cost of fossil fuel heating and electric cooling systems, you should see a return on investment of anywhere from 4 to 8 years depending upon the type of fossil fuel, your rates, your usage and the efficiency of the equipment chosen. In comparison analysis, the payback period typically ranges from 4-6 years versus fuel oil/propane and 6 to 8 years versus natural gas at current rates.