The benefits of heat pumps are pretty widely known at this point. They're more efficient and better for the environment than conventional home-heating methods, and they can save homeowners considerable money on their monthly energy bills.
The upfront costs, however, are still enough to scare away many would-be buyers.
Fortunately, a new study shows that for the majority of U.S. homes, heat pumps are a financially prudent option, even without any subsidies.
Researchers from the National Renewable Energy Laboratory published their 2024 findings in the journal Joule. They ran simulations of how different types of heat pumps would fare, using different climates and insulation levels, across 550,000 U.S. homes.
Those simulations found that for 65 million U.S. households, or 59%, heat pumps are cost-effective. This is especially the case when using higher-efficiency heat pumps, or while also upgrading insulation.
"There are millions of people who would benefit from putting in heat pumps, and there are incentives made available through the Inflation Reduction Act, both tax credits and rebates, that millions of households can benefit from," study author Eric Wilson said in a release. "But what this paper shows is that there are still millions more households for whom the technology is still pretty expensive, and we need to work to bring down the cost of installing heat pumps."
Heat pumps can cost significantly less to run each month than traditional systems because they simply use less energy. Rather than using energy to "create" hot air, heat pumps take heat from the outside air and water and use it to keep your house warm. For cooling, they perform the opposite by shifting warm air from your house to outside. This efficiency makes heat pumps a better option for the environment and your wallet.
Finding any way to save on your heating and cooling costs will make a major impact on your energy bills. After all, more than half of the energy use in U.S. homes is for heating and cooling.
Choosing the right type of HVAC system is obviously important. But choosing the right company matters, too. A trusted partner like Mitsubishi can help make sure you get an efficient system, installed the right way.
To take advantage of those IRA rebates that Wilson mentioned, however, you may need to act soon. The Trump administration has repeatedly said it intends to scale back or reduce many of the eco-friendly rebates found in that legislation, although that will require congressional approval.
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What is stopping you from upgrading to a heat pump system?
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The cost of installation 💵 
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