New incentives make switching to geothermal more affordable
Dandelion emphasizes that the federal and local incentives have made making the switch to geothermal more financially sound than ever. The following incentives may apply to Westchester County homeowners:
Those served by ConEd can receive up to $25,000 per home, or up to $35,000 for homes in disadvantaged communities;
Up to 25% state tax credit from the New York State;
Up to 30% of the geothermal system cost from the Inflation Reduction Act‘s tax credit.
Dandelion’s customers in Westchester are already deriving significant cost savings and environmental benefits for making the transition to geothermal heating and cooling. “It’s not just because you’re a tree hugger trying to save the planet. It’s also an investment,” attested William Gerosa, a six-year Dandelion customer.
“The internal rate of return for our system as a whole – solar panels and the Dandelion geothermal system – is about 16 or 17 percent per annum. It is very hard to get that return in other investments with the same risk profile.”
Generating cost savings is an even more urgent matter nowadays, considering that last year’s energy costs reached their highest levels in 15 years. Oil and propane, the most common fuels used for heating, has steadily become more expensive, with trends showing that home heating costs can reach higher levels in the future.
Health and safety factors
Making the switch to a geothermal system also curb and safety hazards related to burning fossil fuels. Even the most high-efficiency fuel burners are never 100% efficient, which means that unburned compounds are released to the atmosphere as pollutants.
One such pollutant from incomplete combustion is carbon monoxide, which is known to interfere with the body’s ability to carry oxygen from the lungs to the rest of the body. The presence of carbon monoxide is a common concern in most households, as well as fire breaking out from a burner.
“More than just a switch for cost effectiveness, eliminating fossil fuel usage within homes is an improvement for families’ health and the climate at large. We are poised, ready, and immensely grateful for the chance to provide geothermal heating and cooling solutions to Westchester County, especially as winter approaches,” said Dandelion CEO Dan Yates.
