“Right now heat pumps are generally more expensive to buy and install than oil or gas furnaces because of economies of scale if nothing else, but there are some subsidies available if you’re making the switch. Operating costs are generally much lower because they’re much more efficient, although swings in prices of fuels and electricity make it hard to predict how much you’ll save.
Martin is keeping track of heating costs in her 1,800 square foot house, built in the 1980s, compared to past years that involved just oil-fired hot-water baseboard heat, a system that is still intact and she says she has used occasionally for portions of the house.
Through December and January last year she used 153 gallons of oil, over that period this year she used 45 gallons. At $2.87 a gallon that’s a saving of $415. Her electric bill for the two months totaled $405, compared to normal winter usage of $60 a month. Net result, she says, she has saved an estimated $131.”
Read more on heat pumps here.
The biggest obstacle right now facing homeowners for making the transition to heat pumps is the installation cost. For air source heat pumps the price isn’t so bad maxing out at around $10,000. However, ground source heat pumps may cost as much as $30,000. The good news is that there are state and federal subsidies to help offset that cost.
The team at Temperature Control Specialities offers heat pumps from Trane to the metro Indianapolis area. Call us at (317) 247-7663 to learn more.