Heat Pumps save both money and energy. Should you buy one?

Thanks to money-saving incentives up to $8,000 courtesy of the Inflation Reduction Act, heat pumps are an increasingly appealing way for people in the U.S. to heat and cool their homes.

Despite the name, a heat pump can both heat and cool your home, taking the place of your furnace, air conditioner, or both. And because heat pumps don’t directly burn fossil fuels, installing one reduces both your carbon emissions and your monthly gas bill.

So, should you buy a heat pump? Read on to find out.

First, what is a heat pump?

Most heat pumps look like a large air conditioning unit that is fixed to the outside of your home. The pumps have both an outdoor and an indoor component, and keep your home comfortable by moving warm air into your home in the winter — and out of your home in the summer.

Do heat pumps work when it’s cold outside?

Most heat pumps extract heat either out of the air or out of the ground to heat a building. And, yes, heat pumps work even when it’s cold outside. One type circulates a refrigerant that’s colder than the outside air, allowing the pump to extract even the smallest amount of heat from the outdoors and transfer it into your home.

How do heat pumps save money?

Heat pumps don’t burn fossil fuels to create heat, so they reduce your monthly gas bill. This could be a big deal if, as projected, natural gas prices in the U.S. go up this winter

Are heat pumps good for the environment?

Heat pumps are better for the environment because they do not directly burn fossil fuels to create heat. Gas or fuel oil used for heating, hot water and cooking makes up more than 10% of carbon emissions in the U.S. – with heating being the largest direct use of fossil fuels in buildings.

In contrast, an air-source heat pump can provide up to three times more heat than the electricity it consumes. That efficiency, combined with ongoing grid-wide improvements to greener energy sources, mean that over the life of your heat pump, your carbon footprint will be much lower than that of a traditional furnace.

Is the government tax break for installing a heat pump worth it?

If your furnace or air conditioner is nearing the end of its useful life – the answer is yes. Heat pumps are already cost-competitive with those systems and offer monthly energy savings.

Combined with the money-saving incentives included in the Inflation Reduction Act of up to $8,000 for low-income households and $2,000 for higher incomes, which start in 2023, getting a heat pump is both cost-effective and environmentally friendly.

If your furnace is 15 years old or beyond, and the cost of the repair would cover a significant part of the cost of a new system, consider replacement. Factor in the energy savings when determining the cost of a new system as upfront expenses may be recouped over time.

For more information on air conditioning or furnace maintenance or to schedule an expert visit to your home, call AccuMax today. Our services are available to the entire North Aurora, Naperville, La Grange, and Downers Grove area.

To find out how much you could save, consult this online calculator

Contact AccuMax for your furnace and heating, air conditioning, and water heater installation, maintenance, and repair in the western Chicago suburbs