Looking to install a heat pump but are worried about the heat pump cost? Heat pumps are a great choice for your heating and cooling needs. They’re versatile and can be combined with electric baseboards, gas or oil furnaces for hybrid heating. If you’re looking to make the purchase, here’s what you want to know.
What Is a Heat Pump?
Simply put, a heat pump is a heating and cooling system that moves heat from one place to another to keep you comfortable. When your house is too hot, the heat pump will absorb the indoor heat, and move it outside. Providing you a comfortable air conditioned space. When your house is too cold, the heat pump filters and heats outside air and moves it into your house. It is a straight forward concept that is highly energy-efficient and can reduce electricity consumption by almost 50 percent.
Benefits of a Heat Pump
We already addressed one of the main benefits of a heat pump — it’s energy efficiency, but we’ll expand on that a bit more. It’s also not the only reason to consider one, here are a few other reasons.
Heat pumps offer both cooling and heating options. Meaning you only require one system to get both benefits of an air conditioner and a furnace. This is one of the most appealing aspects of a heat pump. It’s hard to beat an all-in-one system.
A fast source of heating or cooling. When the weather changes quickly, you can take comfort in knowing your cooling and heating system can keep up with it.
Saves you money on your electric bill. There’s no doubt about it, a heat pump will cut your monthly energy bill. The reason is simple. Heat pumps are just moving heat from one place to another, not creating it like furnaces and other heat sources.
Allows for more even heating and cooling dispersion throughout your home.
Costs of a Heat Pump
While this sounds all well and good, heat pumps must cost a fortune, right? Wrong! With their increasing popularity and energy-efficient ways, heat pumps are quite affordable. Of course, there are several factors that help determine its cost. Here are a few to consider:
Size of the system based on the size of the house, and the homeowners needs. For a 2,000 square foot home, a heat pump installation may cost anywhere from $4,500 to $9,500 (based on a ductless system).
Type of heat pump — There are 2 different types of heat pumps to consider for Vancouver Island living; air source ductless mini-split, and air source ducted mini-split.
Installation complexity — Based on the type of unit purchased and the condition of your home, additional installation costs may be necessary. However, we will always include these charges in your initial quote.
Cost Savings Through Rebates
Since heat pumps have become an energy-efficient way to heat and cool your house, the Clean BC Better Home initiative was created. This program enables residents of BC to find rebates that help reduce energy emissions. In order to qualify, you must work with a Program Registered Contractor such as Coastal Heat Pumps. Current programs can save you up to $5,850 which will significantly reduce your cost.
In addition to that program, Coastal Heat Pumps also keeps up to date on any and all manufacturer rebates eligible to customers. These manufacturer rebates could be combined with additional savings through the Clean BC Better Home initiative allowing for even more customer benefits.
As stated above an energy efficient heat pump can save you up to 50% on your BC Hydro bill. Based on an example of $100/month savings you can pay off your Heat Pump investment within 4-5 years and much less if you qualify for rebates.
$7500 Fujitsu mini-split ductless system
-$3000 Energy efficient rebate =$4500 plus taxes
If you’re in the market for a heat pump and need more information, book an in-home estimate with Coastal Heat Pumps. Ask about our financing options with 3-months no payments and no interest. We’re a family-owned and operated company for over 15 years, providing high-quality heat pumps that save customers money while maintaining solid relationships and reducing carbon footprints.