.....and they said they would install a new heater to heat the house while they did the work then remove it after at just the cost of installation of $150. They will also set me up with a 10 year 0% interest loan to pay off the $22,000 the system costs before the tax credit and rebates kick in.
I guess I am afraid the system may not be able to heat our drafty house with cathedral ceilings. I don't understand well enough how 57 degree earth will heat a house to 68-70 without some help (electric). I know new doors and window would help but that is going beyond out means all at once. Not to mention our jobs are still on shaky grounds.
I'm currently building a new house and looked into this (I've actually been looking into this for years). I was quoted $24K for a system in a new construction. That seems very expensive to me (as do most all of these systems right now) considering I can get a SEER 14 system installed for less than half that. And, since the house would be under construction, the usual upgrade hassles of existing structures wouldn't be there... And what actually goes into creating these systems... And the fact that someone can still afford to (and make money doing it) offering you $22K with 0% interest unless they are making a ton of money off it... Anyway, the pay-off just wasn't there, imo, in my case.
So far as how 57 degree earth will heat a house, remember that the fluid in the pipes is, obviously, warmer at 57 than the air is outside. This heat is "moved" from the underground piping and is "exchanged" via a coil/heat exchanger. The main difference between a standard heat pump and a basic geothermal system is the geothermal system doesn't need an ouside coil to "gather heat;" it uses the piping system as its outside coil. I won't go too far into the HVAC side other than to say that a geothermal system, since it uses fluid as a transfer medium, is much more efficient than just forcing air (generally air that is much colder / hotter than 57 degrees) over a coil to "exchange heat" with.
If I were you, I'd go with one of the cheaper options. $500, even if it is $500 you won't get back, is a lot less than $22K and money well spent if you have time to plan and research. Even financed over 10 years, that's still $183/month which puts you having paid your $500 (not to mention the $150 cost of the temp heater) in under 3 months... Think it will still be cold in March / April? Even the more expensive of the cheaper options, you'll be hard pressed to have made up the $10K difference in price unless you plan on living there MANY years. Additionally, if you don't plan on living there until it is "paid off," most buyers will not give you the extra $ you've invested in the system when it comes time to buy. Not to mention you said you were potentially on shaky ground at work... Seems like a no brainer. Outlaying minmal funds and saving for a potential down-turn in income is probably your best bet.
And, if you want to do a little more math, look at it this way:
UP FRONT COSTS
1) You can fix what you've got for $500. So, status quo = $500.
2) You can get something new for $3,140. So, new status quo = $3,140.
3) You can get the geothermal system for $13,200. So, geothermal = $13,200.
RETURN ON INVESTMENT (ROI)
1) You won't gain any savings on electricity or anything with your current system. It'll just work. $500 = $0 ROI
2) You will probably get better efficiency with a new system but it will be less than half of what the geothermal system will be. Let's say $20/month. $3,140 = $20/month or $360/year. Without doing any math (as in potential, investments, interest, etc), let's just say that will pay for itself in less than 9 years.
3) You will get a lot better efficiency with a geothermal system. Let's say you get $50/month savings. $13,200 = $50/month or $600/year. Again, simple math, it will pay for itself in about 22 years.
These are just my figures and not based on anything but you can do your own math and see what you figure out. And don't go by what the geothermal folks tell you the savings are (a little biased, maybe!?). Ask people around you, either in person or on the interet. Obviously, since they are a "local" company, there should be other clients. And make sure you are comparing apples to apples. If these folks are in larger houses running their heater at 75 and AC at 65 and they are saving $200 / month, chances are that, if you keep your heat at 68 and AC at 72 (and live in a smaller house), you won't see quite that kinda savings.
Alright, don't know if that helps...