If you’re looking for ways to save money around your home, look no further than the source of heating your home. Whether you have a gas furnace, an oil heating system, or baseboard heating, replacing any of them with a heat pump will save you money.
And what’s great about a heat pump is that it also replaces your air conditioner.
While the upfront cost might seem high, the long-term cost savings and reduction in greenhouse gas emissions are worth the investment.
Let’s break down what you need to know before you invest:
- What is a Heat Pump?
- Debunk the Myth!
- How Much Savings?
- Hybrid Options
- Evolution Continues
What is a Heat Pump?
A heating and cooling system that transports heat from one area to another. In the winter, the heat pump captures heat from the outside, runs it through its system, and then expels it through the ductwork in the home.
In the summer, the system removes heat from the home’s air and replaces it with cool-conditioned air.
Heat pumps don’t use much electricity to move or remove heat from the home, making them quite efficient. In comparison, furnaces burn an energy source, such as gas, oil, or propane, or use electricity. In all but the latter, direct emissions result.
Debunk the Myth
Heat pump technology has existed for over 150 years (1856), yet naysayers still endure. The common falsehood about heat pumps is that they don’t work in cold weather. While their efficiency is reduced when temperatures dip below five degrees Celsius, they are still far more efficient than other forms of heating.
To compare how much more efficient a heat pump is, look at its coefficient of performance (COP). In climates above zero degrees Celsius, heat pumps have a COP of three to four. This is three-to-four times more efficient than oil and gas furnaces, which typically have a COP of less than one.
When temperatures fall below -10C, efficiency is reduced, but at a COP of around 2, that is still much higher than an oil or gas furnace. At -35C? The COP of a heat pump is approximately 1.8.
According to MoneySense, heat pumps are 300% more efficient than baseboard heaters and gas furnaces and 50% more efficient than air conditioning units.
How Much Savings?
A report released by the Building Decarbonization Alliance indicated that Canadians could save an average of $349 annually by replacing their air conditioner with a heat pump. While not likely, if all Canadians replaced their air conditioning units with heat pumps, building emissions would be reduced by 22%. Such a move would also result in a net benefit of $12.6B.
And don’t forget that disconnecting from your gas line will save you the monthly connection charge that is paid, no matter how much gas you use.
Hybrid Options
What if you just purchased a new furnace or air conditioner?
It still makes sense to replace the older system with a heat pump. Doing so will increase efficiency and reduce your household’s greenhouse gas emissions. So, if you’ve got a furnace that’s less than ten years old and working well, but your air conditioner is older and not nearly as efficient as other models, replace it with a heat pump.
Additionally, there are rebates and interest-free loans to take advantage of to increase your cost savings. It’s cheaper to replace your air conditioner with a heat pump than a new cooling unit once the government incentives are included in the cost. And, as carbon prices continue to increase, your energy savings over a standard system will only grow.
Evolution Continues
Much like the electrification of vehicles, heat pumps and integration technology are constantly improving and increasing in efficiency. If your heating and cooling systems are still relatively new, ensuring you maintain some value from those purchases by using them for a few more years makes sense. But if you’ve got a heating or cooling unit near the end of its life, a heat pump is the smartest choice.
