It now pays more than ever – literally – to consider installing a closed loop geothermal system to heat and cool your home.

The Power Moves® rebate for closed loop geothermal systems has increased to $2,000 for 2022. The rebate is for closed loop geothermal heat pumps installed in new homes or in existing homes without an existing geothermal heat pump.

Geothermal heat pumps are more efficient than traditional heating and cooling systems by tapping into the earth’s naturally moderate temperatures to help cool and heat your home.

While Hoosiers endure frigid winters and blistering summer heat above ground, the underground temperature actually remains pretty stable year-round. A closed loop geothermal heat pump takes advantage of that stability by exchanging heat within the ground and your home. That efficient exchange requires much less electricity to maintain comfortable temperatures indoors in extreme temperatures compared to other types of heating and cooling systems.

A $1,000 Power Moves rebate is available for open loop geothermal systems. A $250 Power Moves rebate is also available for upgrading an existing geothermal heat pump with a newer, more efficient geothermal heat pump.  You also can check with your tax professional about possible tax credits for installing a geothermal system.

If you have ever pondered installing a geothermal system, now may be the best time to explore the possibility! You should seek experienced contractors who can provide you with all of your available options. You also can contact your energy advisor at your local electric co-op, who can provide guidance on your first steps.