The dollars and cents of change.
Renovations and upgrades can seem daunting. (Somebody came up with the term “Money Pit”, after all.) The good news is that making the switch has never been easier or more affordable. Many times, for example, one can simply swap one appliance for another. And with our ever-growing list of recommended contractors, you know that you’ll be working with someone who knows which end of a heat pump is up.
Rebates and tax credits are also something to consider. Because these clean new appliances are so efficient, they reduce energy consumption statewide, which is better for everyone. So there are frequently rebates available, depending on where you live.
These appliances use a fraction—with heat pumps, it can be 1/5th!—of the energy of whatever you are using now, so long-term savings is the name of the game. Many of the units are actually 2-in-1 appliances; a heat pump can work as both a space heater and air conditioner. This can save you on energy costs and fit more efficiently into the home.
When it comes to new home construction, studies have shown that all-electric homes save dramatically on construction costs since you don’t have to pay for gas infrastructure. This can mean thousands of dollars for single family or multi-family homes.
All-electric buildings are cost-competitive with mixed fuel (natural gas and electric) buildings. Homes that upgrade to heat pump water heaters and electric heating and cooling systems have bills significantly lower on average than homes with gas appliances and “traditional” AC units.