New Study: Heat Pumps Save You Money
If you’re looking for another reason to switch out your aging natural gas furnace for a heat pump, here it is: Not only will a heat pump keep your home cozy in the winter and cool in the hot summer, odds are good that it will also save you money.
A new survey of British Columbia homeowners who recently swapped out their natural gas system to an electric heat pump concluded that two-thirds are now paying the same, or less, on their utility bills than they did before their switch.
Here are some of the highlights from the study, as noted in the Make the Switch report.
- On average, those who swapped out their natural gas furnace or boiler for an electric heat pump are now paying 10% less on their utility bills than they did before their switch;
- Two-thirds of participants are now paying the same, or less, on their utility bills than they did before their switch;
- On average, those who replaced their natural gas furnace or boiler with an electric heat pump reduced their household carbon pollution by 73%;
- Using an electric heat pump achieves the same carbon pollution reduction for the same or less money as a subscription to renewable natural gas service would;
- More than 97% called their new heat pump system “better” or “much better” than their previous natural gas system; and
- Strategies to ensure a cost-effective gas to heat pump conversion include using a qualified and experienced contractor, minimizing secondary heating sources such as natural gas fireplaces, and improving insulation and air-sealing prior to the upgrade.
Source: Make the Switch: How switching from a natural gas furnace or boiler to a heat pump has cut costs and carbon pollution for British Columbia homeowners (District of Saanich, April 2023). Note: Though the name sounds similar, the Make The Switch report is not a Switch It Up BC project.
Psst... Have you taken the pledge to Switch Up your home from natural gas to electricity?