Ground Loop offers a variety of financing options to fit your particular needs. From 12 months same as cash to secured and unsecured term financing, we offer a wide range of options to make geothermal energy an attainable reality. We’ll also handle all of the paperwork involved so that you won’t have to worry about a thing and you can simply enjoy the benefits of your new, energy-efficient HVAC system.
SAME AS CASH – Ground Loop offers the ability to defer the cost of your geothermal for 12 months. This option gives you the flexibility of no payments, no interest, and no money down for one year. The same as cash option is designed to give you time to receive your credits and other financial incentives. This means you don’t have to come up with the full amount, just the difference after your rebates and credits.
SECURED TERM FINANCING – A secured loan allows you to leverage your assets (for example, your home, car, and/or CD) to receive a lower interest rate and better terms. Usually this is a longer process that requires an appraisal. The benefits, however, outweigh the wait. This type of loan is suited for a person with better credit and equity in their home. Secured financing usually has interest rates in the 2% – 4% range depending on the term. This loan is similar to if you went to your bank and asked for a loan or line of credit.
UNSECURED FINANCING – Our most popular option is an unsecured loan which means you don’t have to put up any assets as collateral. An appraisal is not required and the approval process is usually completed within 24 hours. Unsecured financing does have a slightly higher interest rate but is usually easier to qualify for. Unsecured rates vary from 4% – 7% depending on the term length.
Financing Example: John Smith currently has a 2400 sq. ft. home in Howard County. John pays roughly $400 per month for his propane and electricity usage, which equals $4800 per year in total utility cost. John has decided to install a 5 Series Water Furnace geothermal unit with hot water assist for $30,000. He is going to use the unsecured home financing for 12 years at 4.99% and a monthly payment of $220.
The way we do this is two separate loans. The 1st loan is a 12 month same as cash loan on the rebate and credit amount of $4620 ($3,000 state and $1620 utility). John has 12 months to pay back the $4620 which he will receive from the state and utility company. The 2nd loan will only be for $25,380, which is how we get a nice low monthly payment of $220.
Now, John’s 5 Series system cut his heating and cooling cost by 55%.$4,800 (total current utility cost)
X .75 (75% typical heating, cooling and hot water cost)
$3,600 Annual heating & cooling costs
X .55 55% utility savings
$1,980 Total annual savings divided by 12 months
= $165 per month average savings
John also got a price for a new propane furnace. The sales guy quoted him a price of $6,800 and said he would finance that for him for $65/month. John’s wife, Jane, pointed out that after their savings, the new geothermal system would cost them $10/month less than the gas furnace!
Obviously, John and Jane Doe never bought propane again. They have a wonderful geothermal system that will save them money and keep them comfortable all year round for the next 25 years!
This is only an example and does not represent a real person. However, saving as much as the payment is very common and this type of financing was designed for just this reason.
If you’re ready to lower your monthly payments and enjoy a truly energy-efficient HVAC system, Ground Loop is here to help. Give us a call at (410) 836-1706 to learn more about our financing options and schedule your free estimate today!