About the Project:

Residents in Montgomery County installed a closed loop geothermal system with two loops and water furnace.

This household now has a Projected Annual Energy Savings of:

Conversion from Gas: 24,584 kWh (of equivalent heat & electricity)

Conversion from Electric: 9,275 kWh

A geothermal system is similar to a conventional heat pump heating and cooling system. A conventional heat pump, also known as an air source heat pump, takes heat out of the air and moves it into the home in winter and out of the home in summer. A geothermal heat pump, also known as a ground source heat pump, is a high efficiency type of heat pump which uses the earth’s stable temperature to heat and cool the home. Geothermal systems have pipes that are buried in the ground in which a liquid is circulated through. The liquid transfers the heat from the earth and moves it into the house during winter and removes heat from the house and transfers it into the earth in the summer.

Montgomery County Green Bank’s Role

Montgomery County Green Bank worked with The Clean Energy Credit Union to offer the resident the Renewable Energy Financing program loan to cover 100% of project costs to help finance the project.

Project Snapshot

Building Type:

Single-family, two story detached home located in Kensington, Maryland

Property Upgrade Summary:

Installation of closed loop geothermal system with two loops and water furnace.

Loan Amount:

General Project Cost: $35,000
Loan Product: Combo (Short Term and Long Term)
Short Term Loan:
Amount: $9,100*
Average APR: 5.50%
Term: 12 -18 months
Fees: No Financing Fees**
Monthly Payment: None. One-time payment of $9,850.75 due at term of loan and after receipt of previous year’s income tax credit.

*26% of Project Cost (Equivalent to the Federal Income Tax Credit).
**$25 Application Fee

Long Term Loan:
Amount: $25,900*
Average APR: 5.75%
Term: 12 or 15 Years
Fees: No Financing Fees**
Monthly Payment: $204.82

*74% of Project Cost
**$25 Application Fee plus ~$300 UCC1 Filling Fee.

Capital Provider:

City First Enterprises

To see how you could save on heating costs, consider installing geothermal in your home.

Not sure if geothermal is right for you? Contact us to learn more about your options.

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