Home Energy

Why You Should Consider a Heat Pump Sooner Than Later and 10 Ways to Save Energy and Money Today!

By: Richard Eckman, Energy Advocate at CFA

Today, the Consumer Federation of America (CFA) is giving a big shout-out for Energy Efficiency Day calling on Americans to be proactive by taking positive steps to be more energy efficient. Consider joining CFA and the hundreds of other organizations, cities, businesses, and individuals in the nationwide effort to become more energy independent, improve the environment, and save hundreds of dollars in unnecessary energy costs. This year CFA is promoting electric heat pumps, a particularly energy-efficient appliance that most homeowners and landlords should consider purchasing, especially if they have an older heating or central air conditioning system.  We are also releasing ten easy tips you can use to reduce your utility bill starting today.

While many consumers are already aware of the significant savings of switching out their old incandescents or CFLs with more efficient LED light bulbs, or of installing a programmable thermostat that adjusts the heating or cooling temperatures of their homes based on need and occupancy. The recent passage of the Inflation Reduction Act (IRA), and the rebates and tax incentives included in it, make the already compelling case for more and more homeowners to consider replacing their central AC with an air or ground source heat pump, particularly when their AC is at the end of its useful life.  It’s wise to plan ahead and not wait until the system dies so you can make a well-considered choice rather than be in an emergency situation possibly faced with a limited, less efficient selection.

Heat pumps work the same as a central air conditioning system in the summer, and provide heating in the cooler months. This can reduce or even eliminate the home’s use of combustible fuels for heating. In the heating mode, heat pumps are about three times as efficient as a gas furnace. As renewables continue to play a larger role on the electricity grid, using an efficient heat pump for most of a home’s heating will significantly reduce the home’s carbon footprint. A recent study shows savings of 45-50% for existing homes.[1]

Compared to replacing a traditional central AC system, installing an equivalent size heat pump system will cost about $1,800 more upfront, for an average home. However, the IRA provides a 30% tax credit for heat pumps and heat pump water heaters — up to $2,000 per taxpayer. Thanks to the efficient heat (and cooling!) these systems provide, consumers can see savings of 45-50% on their utility bills for existing homes![2]

Heat pumps are a prime example of the type of energy efficiency investment homeowners should embrace, especially as they replace or install a new AC system. With the passage of the IRA, a heat pump will cost less to install, save considerable amounts every month on utility bills and significantly help reduce a home’s carbon footprint while also providing support to our nation’s aging electric grid and infrastructure. Commit today to heat and cool your home with a product that won’t warm up the planet: an efficient and affordable heat pump.

Want to celebrate Energy Efficiency Day by doing something impactful to decrease your home’s energy use and carbon emissions while saving money in the process? Pledge to make your next central air conditioning system a heat pump!