Can a Heat Pump Save You Money?

Have you been thinking about upgrading your heating and cooling system? If so, you should consider having an air source heat pump installed. Heat pumps act as both a heater and air conditioning unit—and they can help you save money without sacrificing your comfort!

How Do Air Source Heat Pumps Work?

Most heating systems rely on burning fuel or converting electricity to generate heat. In contrast, heat pumps don’t generate heat—they move existing heat from the outdoors into your home. This allows them to provide more heat energy than the electrical energy heat pumps need to operate. 

This works the same as a traditional air conditioner in cooling mode. Air source heat pumps consist of a compressor and two copper or aluminum coils. One of the coils is installed outdoors and the second one is indoors. In the wintertime, the outdoor coil uses liquid refrigerant to convert the absorbed heat from the air into a gas. The gas refrigerant releases the heat through the indoor coil and then reverts back to a liquid. 

You may be wondering how the heat pump can extract heat from the outside air when it’s cold outside. All outside air contains some heat until the temperatures drop to absolute zero (-459.67° F). 

In warm temperatures, the heat pump works in reverse to provide cooling; it essentially moves heat from the indoor air outside. 

How Can an Air Source Heat Pump Save Me Money?

In the past, air source heat pumps were mainly used in moderate climates, but recent technological developments have made them an excellent option for even colder climates. 

A new 16-17 SEER heat pump can reduce energy consumption by an average of 20-30% with a single stage split system. The high-efficiency variable speed heat pumps also do a better job of dehumidifying than single stage central air conditioning or heat pump systems, so you can enjoy lower cooling costs in the summer and better comfort. 

Like a traditional HVAC, heat pumps should be serviced twice a year. If you can only get LP gas for a furnace system you can save money with a high efficiency heat pump by eliminating the need for LP Gas fuel delivery which is more money per BTU.  Natural gas furnaces are still the most efficient at lower temperatures for the dollars spent.   The best of both worlds is a dual fuel system – heat pump with natural gas furnace.  The heat pump is more efficient in heating down to 50 degrees, then the furnace will take over.

Yet another cost-saving benefit is that heat pumps can protect against inflation and the rising cost of energy. According to a report from January this year:

• Households with natural gas heating systems can expect to spend 30% more this winter than they did in 2021 which is still lower than using a moderately efficient heat pump system

• Households that heat their homes using electricity are expected to spend approximately 6% more this year than the previous year.

• Households that heat their homes using propane or heating oil can expect to spend up to 54% and 43% more this year, respectively and these fuels are already more money per BTU. 

  
  

As the most effective electric heating system on the market, heat pumps are a great long-term investment. With a variable speed, variable capacity system you can get a return on your investment.

Ready to Install a Heat Pump? 

It’s clear heat pumps have several advantages over traditional HVAC systems:

• Heating and cooling capability in a single unit

• Very efficient – comes in a variety of SEER efficiencies

• Runs on electricity; lower energy costs

  
  

If you’re ready to switch to a heat pump system, PECO Heating & Cooling is here to help! We offer installations, maintenance, and repairs for heat pumps, heat pump split systems and dual fuel heat pump systems with gas furnaces. We’ll evaluate your space and heating needs and make recommendations on the best unit for your home. Although we primarily work with Lennox products, we offer service for all heat pump brands. 

To find out if a heat pump is the right choice for your home, call PECO today at (864) 639-2424 or contact us online.