Before you make a decision about whether or not to purchase and install a heat pump in your home, you should be aware of all the relevant costs. While it’s easy to find out the cost of any given model of heat pump, that won’t give you the full story.
Table of Contents
On a very basic level, a heat pump is just a piece of equipment that controls the interior temperature of a building through heat exchange with the outside environment. Heat naturally tends to move from warmer areas to cooler areas, and heat pumps work by reversing this flow—the same way water pumps work by reversing water’s natural tendency to flow to the lowest point (See How Do Heat Pumps Work? for more information).
Beyond that, there are a large amount of heat pumps that meet this basic definition, but work differently. There are ducted heat pumps that push warm air through a central air system, mini-split systems that manage the temperature in a single room, hybrid systems that work together with a furnace to heat your home, and other models.
Concerned with efficiency?
Since a heat pump is only moving thermal energy from one place to another and not converting another type of energy into heat, it is more efficient than other types of heating mechanisms.
With all of these variables, the costs of the different models can cover a very wide range. The cost of an installed ductless heat pump with one indoor heating/cooling zone will be significantly lower than the cost of a more complex system with a number of independent heating/cooling zones.
But the cost of the heat pump itself doesn’t tell the whole story. While the upfront cost is often slightly higher than some other methods of home heating, there are a number of other factors to consider.
Get the Daikin Atlantic Heat Pump Product Catalogue Today!
The short answer is yes. The combination of your home’s layout, construction, and your heating needs determine the kind of heat pump installation you’ll need.
Like with any other heat source, the specifics and costs of maintaining a comfortable temperature throughout your home depend on the number of rooms, the layout, and exactly how warm or cool you want to make it.
Some factors that can affect the cost of your installation are:
- Existing ductwork (or lack thereof)
- Square footage of your home
- Number of rooms
- Age of your home
- Layout of your home
- Your family’s personal comfort preferences
Heat pumps are significantly more energy efficient than most other forms of home heating. Because heat pumps are powered by electricity, they’re most easily compared to electric furnaces or electric baseboard heating.
Most heat pumps are around three times more energy efficient than other electric heating methods. This means that a 12,000 BTU heat pump costs approximately the same amount of money to run as a single 1000 watt electric baseboard heater, but can produce enough heat to replace 4-6 baseboards in your home.
Efficiency means savings
Most homeowners in Nova Scotia, New Brunswick, PEI, and Newfoundland and Labrador find that heat pumps pay for themselves in monthly savings in a short period of time—in some cases as little as two to three years!
Heat pumps are also significantly more efficient than other common heating sources in Atlantic Canada. For example, if you are currently heating your home with an oil furnace, you can expect significant monthly savings when you switch to a heat pump. The exact numbers will vary and will depend on the construction and layout of your home.
An authorized Daikin Atlantic dealer can perform a no-obligation assessment of your home and give you the most accurate estimate of what you can save. If you’re not ready to speak to a dealer yet, we have created a Savings Calculator to help you determine what you could save with a heat pump.
Pay Less Per Month and Get More Comfort With a Daikin Heat Pump. What Will You Save?
Due to their higher efficiency, heat pumps are a much more environmentally friendly method of home heating and they qualify for a variety of green rebates and subsidies.
No matter where you live in Atlantic Canada, there are government programs you can access that will make installing a new heat pump more affordable.
While most programs are provincial, the Canada Mortgage and Housing Corporation (CMHC) offers a premium refund of up to 25% on mortgages for homeowners who are buying, building, or renovating for energy efficiency.
Learn even more about government subsidies for heat pumps by reading The Guide To Heat Pump Rebates in Atlantic Canada.
Yes, New Brunswick offers two programs through NB Power that provide incentives to homeowners to encourage energy efficiency. The Total Home Energy Savings Program offers money back on efficiency upgrades, while the New Home Energy Savings Program offers up to $10,000 in incentives for energy efficient improvements in new construction.
There are no direct rebates on heat pumps in Newfoundland and Labrador, but customers of Newfoundland Power can apply to finance the cost of purchasing and installing electric home heating systems, including heat pumps.
Regardless of your initial investment, in most cases the cost of heat pump installation is quickly offset by the immediate monthly savings that homeowners will experience with a more energy efficient heating system.
The variety of rebates, financing, and other programs available also help to reduce the initial investment costs, making heat pumps an affordable choice for any homeowners in Atlantic Canada who want to reap the benefits of a more energy efficient home.