5 things homeowners should know about heat pumps

(NC) With the rising cost of living, many homeowners are looking for ways to save money on heating bills. One solution that’s gaining popularity is the electric heat pump. This energy-efficient technology not only helps reduce your energy bills but also benefits the environment.

Here are five key things to know about heat pumps.

1. They can save you thousands. Installing an electric heat pump can lead to immediate savings on your heating bills. For example, switching from a mid-efficiency oil furnace or boiler to a heat pump in a detached home could save you anywhere from $1,500 to $4,500 annually.

2. They work in even the coldest climates. There’s a myth that heat pumps are only for milder regions, but the truth is they are designed to withstand Canada’s harsh winters. With certain types even working effectively even at temperatures as low as -30 degrees celsius, a heat pump can keep your home warm during a mild chill or deep freeze.

3. They double as an air conditioner. Did you know they aren’t just for winter? This two-in-one system can also keep your home cool during the summer. By transferring heat out of your house, a heat pump creates a comfortable indoor environment year-round - no separate air conditioner needed.

4. They can help lower your home’s carbon footprint. Did you know buildings represent Canada’s third-largest source of greenhouse gas emissions, and that 99 per cent of residential emissions are from space and water heating? An electric heat pump can significantly reduce your home’s carbon footprint.

5. They're more affordable than you think. Worried about the upfront costs? Programs like the Oil to Heat Pump Affordability initiative offer financial assistance to help low- to median-income homeowners make the switch. Many provinces, territories and municipalities also provide additional incentives, making heat pumps an accessible option for more households.

Learn more about how a heat pump can benefit your home at canada.ca/heatpumps.