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Aug 22, 2008 6:44 pm US/Eastern
MoneySaver Report: Geothermal Heating And Cooling
Josh Landis, CBS News
NEW YORK (CBS) ―
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Many people are turning to Mother Nature to save money on their heating and cooling bills with a home geothermal system.
CBS
Looking for a way to cut high utility bills? The solution could be right under your nose, literally.
Jack Kouloheris is digging for buried treasure in his front yard.
He's turning to Mother Nature to save money on his heating and cooling bills with a home geothermal system.
"I'm excited to see it up and running, and see how it works this winter," Kouloheris said.
It works on a simple principle: If you dig down a few feet, the earth is a constant 50 to 60 degrees. All you need to do is tap into that temperature.
After the holes are drilled, workers slide copper tubing 70 feet into the ground. When it's warm out, the pipes move heat out of the house and into the earth. When it's cold, the process reverses.
Geothermal systems can reduce energy costs by up to 70 percent, and contractors like Keith Bell say business has never been better.
"Demand is booming right now, with oil between four and five dollars a gallon and winter looming ahead of us," Bell, who owns Bell Heating and Air Conditioning, said.
The systems aren't cheap, but at today's fuel prices, the $30,000-50,000 installation can pay for itself in as little as seven years. The units also raise the value of a home, and tax incentives can lower the final cost.
Kouloheris says there's one more benefit.
"Certainly I feel good about reducing the carbon footprint, but the main reason was saving money," Kouloheris said.
He said the decision was easy when he realized the cost of heating and cooling his home would become dirt cheap.
The Environmental Protection Agency says geothermal is the most energy-efficient, clean, and cost effective space conditioning system available. Once installed, it should last anywhere from 50 to 200 years.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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