Nothing can make utility bills soar like a hot summer day or winter freeze. According to the U.S. Energy Information Administration, heating and air conditioning account for around half of home energy consumption. If you have out-of-date heating, ventilation, and air conditioning, that could be even higher.
However, a heat pump can help cut costs associated with keeping indoor spaces comfortable. The upfront investment isn't cheap, ranging from $4,000 to $8,000, but thanks to the Inflation Reduction Act, certain households could qualify for an $8,000 rebate on the device.
Even though a heat pump may sound like it is only suitable for keeping your house warm, it is a versatile piece of equipment that can also keep your abode cool.
Basically, it works by moving heat around. When it is hot outside, it transfers heat from inside your home to the outdoors, resulting in a cooler environment. When it is cold, it pumps heat into the house to keep things toasty warm.
Because the devices are three to five times more efficient than gas boilers, per the International Energy Agency, they pull less power from the grid in order to operate.
That can result in lower utility bills — in addition to less health-harming pollution being spewed if the grid is running on dirty energy such as gas, oil, or coal. (The EIA notes that 60% of electricity in the U.S. still comes from these fuels.) On average, people who install heat pumps can save as much as $1,000 annually on their electric bills.
Many types of heat pumps are available, but figuring out which one works for you doesn't need to be complicated.
EnergySage's heat pump marketplace is one of the tools that can help consumers feel confident in ditching an underperforming HVAC system and maximizing the tax incentives or rebates available to them through the IRA. After you answer a few simple questions, EnergySage will connect you with trusted local installers, and consultations are free.
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"Our AC broke in the summer and instead of replacing it, we upgraded to a super-efficient heat pump," one person shared with The Cool Down. "Can't wait to slap some solar on and get both heating and cooling for free!"
"If we didn't have EnergySage, we wouldn't have known where to start," one reviewer wrote. "We had multiple conversations with installers to find the right fit at the right price."
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