There's a lot of new tech available to improve home energy efficiency, but one game-changing product is often overlooked: the heat pump.
Energy efficiency is a growing concern for homeowners. Traditional HVAC equipment like furnaces and air conditioners draw an enormous amount of energy to perform their purpose, but a heat pump can both heat and cool your home with greater efficiency.
The main difference between heat pumps and other HVAC products, as the U.S. Department of Energy explained, is that they transfer heat instead of generating it. During warmer weather, heat pumps move warm air from inside your house to the outdoors. When the weather gets cooler, heat pumps move heat from the outdoors into your home.
They use a process that allows them to provide more heat energy than the amount they require to function. A heat pump uses a refrigerant that is either compressed or decompressed. When compressed, the substance gives off heat, and it absorbs heat when decompressed.
This process is much more energy-efficient, allowing homeowners to enjoy lower power bills and save a lot of cash in the long run.
High energy efficiency also leads to lower pollution output, helping our planet combat rising global temperatures. With all these benefits, it's surprising that only 80% of homeowners know what heat pumps are, and 54% are unsure about their full capabilities, per appliance producer Midea.
In fact, just 4% of homeowners know that modern heat pumps can maintain 100% heat output at temperatures as low as minus-4 degrees Fahrenheit, per Midea's survey.
The survey also found that when homeowners learned about the regional and federal tax incentives for installing heat pumps, 68% were more likely to consider purchasing one.
Tax credits and rebates are available through the U.S. government's Inflation Reduction Act. Qualifying homeowners can get up to $2,000 in tax credits, The Hill reported. Low-income households may also qualify for up to $8,000 in rebates, greatly offsetting the initial cost and installation fees of $4,000 to $8,000 (estimate provided by Bob Vila).
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For an easy way to find the tax credits and rebates available to you, visit EnergySage's Heat Pump Marketplace. By answering a few quick questions, you can schedule in-home consultations, compare price quotes, and find the savings available to you from the IRA, all in one place.
💡Save thousands with a heat pump
A heat pump can save you thousands of dollars in heating and cooling costs — but first you have to find the right installer at the right price.
Use EnergySage's free tool today to find local options, compare prices, and see how much you can save.
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Heat pumps grew in popularity throughout 2023, and their adoption is expected to continue to rise in 2024, according to Midea.
David Rames, senior product manager, Midea America, said, "As the next generation of ultra-efficient heat pumps become widely available next year, it's crucial that consumers understand the performance, benefits, and incentives available to them."
Rames added, "We are at a key juncture in this technology when both contractors and consumers can access a more sustainable future."
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