I live in Ellicott City, MD in a 1958 brick rancher. I currently have an oil boiler with air handler for heat and two 4 ton air conditioning units. I'm suffering (like everyone else in Maryland!) from absurdly high BGE bills. My house is about 4,500 square feet and I pay $600/month in the winter to BGE and an additional $275/mouth on the budget oil plan to Carroll Fuels. My air conditioning bills run between $200-300 in the summer but I still pay that $275/month for oil year round.
I'm considering investing in a Geothermal system and have the land for wells, etc. However, I'm concerned since the heat pumps run on electricity, would it really be a smart investment? I fully realize the benefits to the environment but what about the tangible financial savings? Can anyone give me a ballpark figure on what my monthly BGE bills would be with a Geothermal system with a 4,500 square foot home? Or would switching to gas be enough of an improvement in terms of managing utility costs.
Thanks,
Deb
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