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Heat pumps could save you some cash, either on the cost of installation, or the long-term cost of energy, or both. Here’s where and when they tend to win. If it rarely drops below freezing where you live, a heat pump is almost a no-brainer. The tech can easily handle all your heating and cooling needs.
According to the Department of Energy, some homeowners can save $1,000 per year by switching to a heat pump. As with other energy upgrades like improving your home insulation, your annual savings will vary though. Here are the factors that impact savings the most: More square footage means a bigger energy bill.
According to the new study, these incentives can make heat pumps a cost-saving option for an additional 2.5 million households. Upgrading the building envelope through improvements in insulation, windows, and doors makes heat pumps cost effective for another 4 million homes.
Through President Biden’s Investing in America Plan, homeowners are now eligible for tax credits when they install an air-source or geothermal heat pump: up to 30% federal tax credit on the total cost of buying and installing a heat pump.
Heat pump installations can also benefit low-to-moderate income (LMI) households. The Varmepump family, a moderate-income family, buys an air-source heat pump for $16,000 for their new home. They get a Home Electrification and Appliances Rebate, which saves them $8,000 of their heat pump expenses.
Today's heat pump can reduce your electricity use for heating by up to 75% compared to electric resistance heating such as furnaces and baseboard heaters. High-efficiency heat pumps also dehumidify better than standard central air conditioners, resulting in less energy usage and more cooling comfort in summer months.
All taxpayers are eligible for a federal tax credit worth up to $2,000 on high-efficiency heat pumps. Low- and moderate-income households might qualify for a heat pump rebate up to $8,000, but there are many restrictions. Some state and local governments already offer significant incentives for choosing heat pumps, as do many utility companies.