Buyer's remorse is a very real thing, and when it comes to big-ticket appliances, you want to avoid that at all costs.
One Massachusetts homeowner shared their journey of transitioning to being fully electric in a post on the r/heatpumps subreddit. Â
After qualifying for a $10,000 rebate for an electric heat pump installed with a 0% interest loan and a $2,500 federal tax credit, the resident was more than happy to dive into the benefits. So long, 28-year-old dirty energy-fueled furnace and 25-year-old A/C unit.
Taking extra advantage, they also decided to update their 15-year-old electric water tank while boosting their electrical service amps. The upgrade came with a 12-year warranty.
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"With the rebate and incentives, I figure I'm breaking even, if not coming out ahead on install costs," the OP wrote. "I'm hopeful that I save some money on monthly heating/cooling. While the reduced carbon footprint is a nice feather in my cap, I'm more concerned with the bottom line. So, did I make the right choice?"
The post drew in several comments, and the consensus was that making the change was indeed the right choice. Some even shared personal testimonies of their transitions for comparison.
"If your weather is below about 20 it might be slightly more expensive, above that you're probably saving money. I think at worst case, you're going to be about break even," one Redditor estimated.
In agreement, one comment said, "Theoretically you made the right choice as heat pumps are more efficient and should be less costly to operate year round than oil. Winter is going to kick your ass with costs but the rest will be more comparable or less to using oil heat."
"You absolutely made the right choice taking advantage of all the incentives that are available right now. I would've made the same choice in your shoes," wrote a third.
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Energy independence âš¡ "Once your utility gets a heat pump rate, you'll be in great shape. Go for it and don't look back,"Â another advised.
Heat pumps are generally more energy-efficient than traditional HVAC and A/C systems because instead of generating heat, they transfer it alongside cooling capabilities. Why purchase two separate systems when you can buy one that does it all?
Installing a heat pump can save you up to $1,000 a year on energy bills, and that's not taking into consideration long-term savings, tax credits, and rebates. Check out Rewiring America's Incentive Calculator or EnergySage's Heat Pump Marketplace for local offers and eligibility to see how much you could save.
Keep in mind that some of the Inflation Reduction Act incentives might not be available forever. While it would ultimately take an act of Congress, President Trump initially ordered a pause on IRA funding, leaving more questions than answers on the future of these benefits.
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