Electricity prices around the country have been soaring recently, increasing at double the overall inflation rate last year. So it's no surprise that Americans are looking for ways to lower their heating and cooling costs.
Enter the mini-split heat pump, or mini-split. These ductless heat pumps can heat and cool your living spaces. Unlike many traditional heaters and A/C units, mini-splits transfer heat from one place to another rather than creating heat.
And unlike ducted heat pumps, these smaller units are placed in individual rooms requiring temperature control.
Because the mini-split doesn't need to create hot (or cold) air, it's far more efficient and uses less energy. This increase in efficiency translates to significant savings — you could expect your heating and cooling bills to go down by almost 30%.
Should I get a mini-split heat pump?
Mini-split heat pumps are best for homes that don't use ducted heating systems. Common non-ducted systems include space heaters, hot water heaters, or radiant panels.
Also, if you don't want to mess around with your home's ductwork or can't afford to, a mini-split could be right for you.
Because these heat pumps are mini, they can be used to heat and cool individual rooms if needed. Their miniature nature also makes them far more affordable when compared to ducted heat pump systems, and they are also quicker to install.
On average, it costs between $1,000 and $3,500 for a mini-split unit, with an additional $500 to $1,500 to install it.
This may seem like a serious chunk of change, but thanks to the Inflation Reduction Act (IRA), you can get up to $8,000 off of mini-splits (equipment and installation) and a 30% tax credit, up to $2,000.
So, between these two IRA programs, it's clearly a solid financial move to upgrade your heating and cooling systems to include mini-splits, especially since they'll also lower your energy bills.
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