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Is it worth installing a heat pump?

heat pump geo furnace installed in a house or home

Heat pumps can be a cost-effective and efficient heating and cooling solution for many homes and buildings, depending on various factors such as the climate, insulation, and energy prices in your area.

Heat pumps work by transferring heat from the air or ground outside to the inside of your home, which can be a more energy-efficient method of heating compared to traditional furnaces or boilers that burn fuel to create heat.

Is it worth installing a heat pump in Ontario?

In moderate to warm climates, heat pumps can be very effective and efficient. However, in very cold climates, while their efficiency may decrease, it’s still superior to traditional heating systems. The initial cost of purchasing and installing a heat pump can be higher than that of traditional heating and cooling systems, but over time, the energy savings from using a heat pump can help offset the initial investment.

CBC, 2023: The federal study found that by installing a cold-climate air-source heat pump, Canadian households switching from an electric furnace would save an average of $700 to $1,900 a year in utility bills, and those with furnaces that run on heating oil would save $1,000 to $3,500 a year.

In British Columbia, are heat pumps worth it?

They outperform electric baseboard heaters by up to 300% in efficiency, offer up to 50% greater cooling efficiency than standard window A/C units, and may have lower operating costs than a natural gas furnace.

Switching from a fossil fuel heating source to an electric heat pump can qualify you for up to $11,000 in rebates. BC Hydro offers a $3,000 rebate in addition to CleanBC’s existing $3,000 rebate, resulting in a combined rebate of up to $6,000. Applicants should act promptly, as rebates are available while funding lasts. Additionally, homeowners may be eligible for up to $5,000 in extra rebates through the federal government’s Canada Greener Homes Grant, a distinct program with its own criteria and application process involving registration and a home evaluation before proceeding with upgrades.

Is investing in heat pumps worthwhile in Manitoba?

In colder climates, an air source heat pump can reduce annual heating costs by up to 33% compared to electric heating. Transitioning from propane or fuel oil systems may yield savings ranging from 44 to 70%, depending on their efficiency. Since heating accounts for almost 60% of energy bills, improving efficiency with heat pumps not only cuts costs but also qualifies for rebates, ensures energy savings, and enhances home comfort.

Efficiency Manitoba’s Heat Pump Program provides financial rebates to customers who replace an existing heating system with an air source heat pump (ASHP). Calculate your rebates here.

Ultimately, whether a heat pump is worth it for your home or building depends on various factors, including climate, energy prices, installation costs, and the specific needs of your household or business. It’s best to consult with a qualified HVAC contractor or energy specialist to determine if a heat pump is the right choice for you.

If you have any questions, please contact us.