Everyone has been talking about heat pumps lately, but they've actually been around since the 1850s. They are just talked about more now because they're one of the cheaper energy sources you can use to heat and cool your home. But just like installing solar panels, they come with an upfront cost.
Heat pumps work pretty efficiently. For cooling, it sucks the hot air from your home and puts it outside, and it conversely transfers the warm air outside to inside for heating.
Many heat pump installers have different price ranges. That's where EnergySage's tool comes in handy. Just enter your zip code and search for the providers in your area. It helps you find the best price for you.
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On EnergySage's Heat Pump Marketplace, the average price to install a heat pump system for your entire home is $16,500 after incentives. The range is extensive, though. It can cost anywhere between $4,500 to $45,000. It all depends on the provider and if you are using a hybrid system, such as if you are still heating and cooling your home partly with your HVAC.
💡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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According to the IRS, you could qualify for a $2,000 tax credit for installing a heat pump, known as the Energy Efficient Home Improvement Credit. To qualify, you must live in the U.S. and install a heat pump in an old home, not a new one.
Additionally, the Inflation Reduction Act gives lower-income homes an $8,000 tax credit and moderate-income homes a $4,000 tax credit for installing heat pumps.
If you are going to take advantage of these benefits, now is the time. President-elect Donald Trump has said he wants to eliminate these incentives, per The Salt Lake Tribune. While any changes to the Act would require congressional approval, there are certainly doubts over how long this offer will be available.
If you live in a warm or temperate climate, a heat pump is an excellent option for you to save money on your energy bills. For example, if you live in Florida, you could save 69% on your bill compared to gas heat. A heat pump can also save you 22% to 74% compared to propane.
Besides saving you money, they are better for the environment. According to Earth.org, heat pumps' technology produces fewer polluting gases that warm the planet compared to traditional gas-burning systems.
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