Heat pumps are heating up across America, outselling gas furnaces for the third consecutive year, according to Reasons to be Cheerful.
In 2024, heat pumps had an impressive 27% more sales than gas furnaces, signifying that homeowners are realizing the many benefits of these efficient devices.
Heat pumps can heat and cool a home with a single system, eliminating the need for separate furnace and air conditioning units. Heat pumps extract heat from outside and move it inside where you need it. Then, in the summer, they do the opposite to cool your home. The process can be up to five times more efficient than traditional gas boilers, as the International Energy Agency detailed.
They also use electricity to work rather than burning fossil fuels. Depending on your current heating system, switching to a heat pump could reduce your home's carbon pollution by as much as 7.6 metric tons each year, according to Rewiring America.
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Heat pumps could reduce your energy bills, too. Direct Energy estimated that the typical single-family home has more than half of its energy bill allocated to heating and cooling. Upgrading to a high-efficiency heat pump can cut these costs dramatically — Carbon Switch noted potential savings could be $500 or more per year on average.
You can also take advantage of tax credits for installing a heat pump. Through the Inflation Reduction Act, homeowners may qualify for a tax credit of up to 30% back, capped at $2,000, on heat pump and installation costs. This incentive can significantly reduce your upfront costs and speed up your return on investment.
However, the future of the IRA is unclear, as President Donald Trump has stated he wants to eliminate these incentives to reduce federal spending. Changing the IRA would require an act of Congress, but it's still a good idea to cash in on these tax advantages while available.
Despite some governmental pushback against the IRA, experts remain encouraged by the rise in heat pump installations.
"We're quite optimistic and excited about the trends that we're seeing for heat pump adoption, irrespective of federal support or engagement," Zach Pierce, director of state and local policy for Rewiring America, told Reasons to be Cheerful. "We're seeing really exciting growth of the market, due to the bottom-line benefits that folks are seeing in reduced bills, improved comfort, and improved safety of their homes."
Ready to explore a heat pump for your home? Mitsubishi can help you find vetted heat pump installers in your area and compare quotes.
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