Are you considering upgrading your home with a heat pump? Are you unsure about the costs and process?
An expert on CNET recently broke down what you'll pay for the different kinds of heat pumps in order to help you make the best decision for your household.
The scoop
Heat pumps operate more efficiently than traditional heating, ventilation, and air conditioning systems because they extract heat from water, the ground, and the air to distribute it inside the home. During the summer months, they provide cooling by removing heat from inside your home and releasing it outside.
You can choose from three different kinds of heat pumps — ductless or mini-split, ducted, and geothermal.
💡Save thousands with a heat pump
A heat pump can save you thousands of dollars in heating and cooling costs — but first you have to find the right installer at the right price.
Use EnergySage's free tool today to find local options, compare prices, and see how much you can save.
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Ductless or mini-split are the most common because they are easier and cheaper to install. According to CNET, equipment and installation can cost between $1,300 and $8,000. This type is suitable for most standard homes.
The ducted option can cost between $4,500 and $8,000. It is another common choice and works in most homes.
Geothermal heat pumps are at the high end, costing more — between $6,000 and $20,000. These heat pumps provide the most efficiency and cost savings but require more intensive installation. For example, they may need to be installed near a water source. Additionally, they require underground loops.
While this may seem like a lot of money and effort, provisions of the Inflation Reduction Act can help make it more affordable. The bill was passed in 2022 to provide tax credits for climate-conscious upgrades, such as the installation of heat pumps in your home. You can get 30% in tax credits up to $2,000. If you're opting for a geothermal pump, sometimes there isn't even a cap.
Co-founder of electrification company Elephant Energy, DR Richardson, told CNET, "More efficient systems typically cost more upfront, but often qualify for better financial incentives[,] reducing the total cost." He went on to say that "homeowners often can save $7,000 to $12,000 on this cost."
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Which of these factors would most effectively motivate you to buy a heat pump? Click your choice to see results and speak your mind. |
Lower energy bills 💰 Unfortunately, the future of these tax credits is uncertain. According to The Salt Lake Tribune, President Donald Trump wants to eliminate these tax credits — though, from a legal perspective, this is something Congress would have to vote on.
If all of this still seems overwhelming, EnergySage can help. The solar energy company offers a heat pump marketplace where you can search providers like you would flight deals. This ensures you can find the best value.
How it's helping
Upgrading to a heat pump can save you about $1,000 a year on energy bills because they are more efficient and use less energy.
This also benefits the environment, as heat pumps don't rely on dirty energy sources as much as traditional HVAC systems. Reducing the amount of dirty energy used also reduces the amount of polluting gases that are released into the atmosphere.
What everyone's saying
Richardson boiled it all down here: "The top three drivers of price are system performance and efficiency, the quality of the installation labor, and the complexity of the install."
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