Last year marked a major milestone for climate advocates and the HVAC industry, as for the first time more heat pumps were installed in the US than gas furnaces. Still, nearly 4M homeowners did not install a heat pump and are now locked into their furnaces for the next decade or more. For the vast majority of those homeowners, this is a missed opportunity — heat pumps are not only better for the environment, but they provide many other advantages over traditional heating systems.
At Coral we want to help homeowners understand how impactful heat pumps can be, and help them easily find and install the best heat pump system for them. If you're considering a new HVAC system for your home, here are the Top 5 reasons to install a heat pump.
Lower energy bills: Heat pumps are 3-5x more efficient than traditional heating systems, which means they use far less energy than a furnace. With the cost of oil and gas increasing significantly in recent years, heat pumps can save homeowners between $100-1,300 a year depending on their existing heating system and local energy costs.
Take advantage of tax credits and rebates: Heat pumps have traditionally been more expensive to install than gas furnaces, but new tax incentives and rebates can make the upfront costs very similar. Because of the Inflation Reduction Act, homeowners that install a heat pump can earn a $2,000 federal tax credit. In addition, many state governments and local utilities offer additional rebates worth thousands of dollars, and new federal rebates worth up to $8,000 will kick in later this year. In many cases, these incentives will make the upfront cost of heat pumps cheaper than a traditional furnace.
Improve air quality and comfort: Research has shown that electric heat pumps produce better air quality than gas or oil-powered furnaces. Many homeowners also find heat pumps to be more comfortable since they don't dry out circulated air like furnaces do and they generally maintain a more consistent temperature.
Increase home value: Research has shown that upgrading to a heat pump can significantly increase home values. One study analyzed data across 23 states and found homes with a heat pump had a $10-17K price premium over comparable properties.
Reduce your carbon footprint: On top of the significant economic and comfort benefits that heat pumps provide, they are also far better for the environment. They run entirely on electricity without any gas or oil, and when powered by renewable energy, produce zero carbon emissions. Since heating and cooling drive roughly 50% of emissions for the average home, installing a heat pump is a major step towards reducing your environmental impact.
Especially with incentives from the Inflation Reduction Act, heat pumps would help the vast majority of homeowners save money, improve comfort, and reduce carbon emissions. Want to learn more? At Coral, we're here to help — click here to find the best heat pump system for you.
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