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How much money can I save with a heat pump?

Thinking about installing a new heat pump system in your home? If so, then you’re probably wondering how much money you can save by choosing the heat pump over other alternatives. After all, newer systems typically excel over older systems when it comes to energy efficiency. Paying the upfront costs for a hot water heat pump system is a lot easier when you know you’ll see savings on your energy bill.

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All Things Being Equal, You Will Save

The good news is that you can count on energy savings of up to 30% – 40% if you continue with your current usage habits. Heat pump systems extract heat from the air or the ground and transporting it indoors for warmth and comfort. Heat pumps don’t produce heat as an electric baseboard heater does; it simply moves existing heat, which requires less energy. That’s why you can see significant savings over conventional electric heating systems.

More Heat, More Costs

Changing your usage habits will affect your heating bill. That is, if you begin running your heat at higher temperatures than you did before, you may not see savings materialize on your energy bill. The advantage, of course, is that you can elect to enjoy a warmer, cozier home than before without increasing your costs. Heat pumps have a unique function, in that they can be reversed in the summer months to extract warm air from the inside, cooling the interior of your home. If you don’t currently use an air conditioner, you will see increased summer energy costs if you decide to use this bonus functionality.

You Can Save Money With A Heat Pump

Heat pumps are an excellent source of energy-efficient heat for your home, with the added benefit of cooling your home in the summer months. With significant savings over electric heat, heat pumps can reduce your energy bill without changing the comfort level in your home. If you decide to “spend” your savings by enjoying a warmer home in the winter, or a cooler home in the summer, you won’t see significant reductions in your bill — though you may have significantly increased your comfort level!

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