What's the true cost of a heat pump?

The home heating and cooling technology known as the heat pump is incredibly efficient, meaning big potential savings both for carbon emissions and for utility bills. So how good are heat pumps for the climate? And how much money do they save?

Resources:
Carbon Switch heat pump savings guide:

Fixr home heating cost estimates:

This Old House, how a heat pump works:

This Old House, how to install a heat pump:

Shannon's Grist article on heat pumps in cold climates:

RMI's guide to heat pumps in cold environments

Wirecutter guide to heat pumps

Consumer Reports guide to heat pumps

Heat pumps that look like George Clooney:

00:00 Intro
00:29 How efficient are heat pumps?
01:17 What's the CO2 savings?
02:52 Cost comparison
05:50 Heat pumps in cold weather

#heatpump #climatechange #personalfinance #co2

[chestnutplanter]

I live in Maine and I love my heat pumps! They make heat pump water heaters too. Not having to order oil and dig out paths in the snow for fuel delivery in winter is nice.

[paulmorrow]

I live in a house in the Southeast built in the early 1960’s. About a year ago I renovated the whole HVAC system (ductwork, units, insulation). I went with two variable speed dual fuel heat pumps and could not be happier. I was very impressed with how the heat pump performed in winter. Because of this renovation, my utility bill was reduced by 60% in the peak of summer and was about 30% lower in the coldest parts of winter.

[zodiacfml]

I've been speculating on this if it is worth it the cost. one or two years ago, i simplified that it is worth it if you're going to use the cooling operation of the heat pump. otherwise, spend the money elsewhere like better insulation. heat pump costs is not limited to device cost but also installation, maintenance, and replacing it more often vs gas heaters.

[banquo]

I'm a pensioner living in a 1970s detached house with 12 large windows, solid uninsulated floor and cavity walls. For myself and probably most of the house owning population (UK) it's all about cost/benefit. To insulate my house up to Scandinavian standard (triple glazing etc), replace the whole pipe system (microbore) new radiators and underfloor insulation would be not be cost effective...Quite frankly I could not afford to use my savings for something that isn't a benefit. Like electric cars they are a great idea but only for people who can afford them-Good Luck

[Phrancis]

I'm currently going through this calculation process to replace an old central AC. Four different bids place the AC replacement cost at $7k and the cheapest heat pump at $11k. As much as I want to go electric, it simply doesn't make financial sense to go the heat pump route. I'd have to remove the newish furnace and upgrade to the super efficient $14K heat pump to even get the full federal tax rebates, which will still have a hard time paying for itself since electricity rates are going up faster than natural gas rates in my area. It's a similar argument with EVs. It needs to be far more subsidized (like in Norway) for cost parity, since many households are struggling just to stay afloat.

[antonbakker]

Since everyone cares about money and only a minority about the environment, let's focus on the money savings. If you heat your house electrically and you have an A/C, you should switch to a heat pump. If you have a gas furnace, there is no financial reason to switch. There are better ways to reduce cost and save the environment: Move to a smaller home when your kids are out of the house. Insulate your home. Replace your old fridge, change your light bulbs to LEDs. All of these will save you both money and reduce your carbon footprint

[marksuave]

So getting a heat pump is something for the financially better off. Most folks don't have 11k sitting around to put on the HVAC system. Had a heat pump in North East Ohio and it sucked. Especially when it gets down to 0 degrees fahrenheit outside. We got a 600 dollar light bill from all the excess heaters running and the emergency heat running. Maybe if you have a brand new, energy efficient home...maybe. But if you have a home built before 2000, I'd go with gas over a heat pump any day.

[mikegardner]

One huge thing you left out was that when you replace the fossil fuel furnace with another is you still have an old A/C system or none at all. When you replace the fossil fuel furnace with a heat pump you also get a new A/C system.

[kyldr]

Don’t forget, if the homeowner has solar, the heat pump can represent major savings over even gas furnaces

[Alexandro]

I switched to dual fuel. The furnace was relatively new in my case. So getting rid of it didn't really make sense at the time. However the a/c was 20+ years old. So I replaced it with a heat pump and have been running mostly on that. Have saved 66-75% on my oil costs. Also got mine installed for $4910, so make sure you shop around as these numbers can vary wildly on location and installer. Plus I added solar to compound those savings.

[MrHoochMeister]

Live in southern Wisconsin in an older small (1200sqft) house from the '50s with some ok insulation I put the numbers into an online decent looking heating cost calculator. It gave me $6 savings in operating costs a year if I switch to heat pump over my existing gas furnace. No installation/equipment cost was included. I might just wait until the ac dies on me (or I do). It may makes sense in new houses with good insulation (and with milder winters) that are built with heat pump properly calculated and designed into them.

[pascalouellette]

Hard to save any money on a heat pump when the annual bill before the new one is only about $1500 for the year for an all electric house...might save $2-300 a year so by the time you saved for the new one it will be obsolete or not working and need to also be replaced?

[joecliffordson]

How can you assign a heat pump savings without addressing the cost of electricity? I have heard price per kWh very from 20 cents to 9.5 cents. Soo what gives. Also isn’t the co2 greening dessert regions on the continental sized scale now. I like the heat pump technology. I am having an assessment done currently on a new build to see if we can heat and cool with floor heat and an air handler for ac. I worry about the blackouts in my area when all the e cars get plugged in. Will the extra demand on the grid make future electric more expensive?

[petercollins]

In the UK a recent independent survey run by experts they have found that heat pumps cost more to run than a gas boiler/ furnace. You cannot compare one country with another, there are too many differences and variables. We generally don’t need a/c in the UK, it never hardly gets that hot.

[QiuyuanChenRyan]

5:51, not sure if some has their roof heater? But you can tell how good the attic insulation by how much snow is on top.

[SanjanaRanasingha]

I really love this channel they spend so much time and research on making a video

[radems]

A much better explanation is that a modern heat pump is more than 90% identical to a central air conditioning unit and looks and functions nearly identical to one. The cost specified is the cost of the outdoor compressor unit plus the cost of the indoor air handler unit and the refrigerant pipes between them. The total heat pump cost is only slightly higher than purchasing a new central air conditioning inside and outside units.

A standard central air conditioner is a heat pump that only works in one direction. A modern heat pump has the ability to reverse the central air conditioner's coolant direction after the compressor so that it not only can move heat from indoor to outdoor to cool your home, it can be reversed by your thermostat to move heat from outdoor to indoor to heat your home. Heat pumps have the ability to have a supplemental heat source added to them for when it is very cold as they get less efficient moving heat from outside to inside the colder it gets. They will not save you nearly as much when it is very cold and they have to use your supplemental heat but they save a ton of money the rest of the year.

[gailann]

What if you live in a state that gets cold but the average cost of electricity is much higher? I think we need these breakdowns by State to determine if it would cost a lot more for a whole house heat pump versus a gas heating system.

[lordbyrom]

Thank you so much so when the weather is close to freezing outside you can take that cold air into a heat pump that takes the heat out of the cold air making it colder outside your home, but inside your home will be warmer …..I think that’s what you said .What I would like to know is if my fridge were to work backwards how much heat would I get out of that ? Things I put in the fridge have heat taken out of them and that heat is dissipated via a radiator at the rear of the fridge .So my kitchen should be warm if I place the fridge with the door open outside and the radiator panel in the kitchen ? You still with me ? However the compressor needs energy and that is what this is all about .My question…..how much heat can I secure when the outside temperature is 5degrees C ??

[mollyfilms]

I think you need to re look at the numbers.