Homeowners can save 50% on their electric bills by upgrading to this next-gen HVAC tech — here's what you need to know

Is your home heating system powered by oil or propane? Do you have an older HVAC setup that needs an upgrade? If so, switching to a heat pump could generate big savings on your energy bills: 50% or more on your heating bills through winter and up to 50% annually, according to Focus on Energy. 

The scoop

As the Department of Energy notes, heating and cooling make up the largest portion of household energy bills. The older the system, the less efficient it is and the more energy is wasted. A heat pump is an energy-efficient alternative to traditional furnaces and air conditioning units. It functions by taking heat (pumping it, if you will) from the air or the ground and concentrating it for use indoors. A heat pump can cool as well as heat a home but with far less energy expenditure, and that adds up to serious savings for the typical household. 

With several states offering incentives, there's never been a better time to make that switch. Getting started might seem daunting, but there are nifty online tools to help. EnergySage's heat pump marketplace offers information and advice for installing a heat pump in your home. Its site functions a bit like an Expedia for heat pumps and other clean tech such as solar panels, allowing you to compare many options at once.

Mitsubishi can also connect you with trusted trained professionals and set up a consultation to get you started on installing an efficient, money-saving heat pump. 

How it's helping

If the financial benefits aren't enough, making the switch comes with major environmental benefits, too. For some states, including Maine, encouraging heat pumps is a key part of reaching environmental goals. 

Traditional heating, ventilation, and air conditioning is usually powered by dirty fuels such as gas, oil, and coal, leading to harmful pollution. As extreme weather conditions cause cold snaps and heat waves to become longer and more intense, climate control isn't just about comfort, it's a matter of survival. More sustainable forms of heating and air conditioning are a critical part of dealing with the climate crisis. 

Many heat pump owners save around $650 a year on their heating and cooling costs, using 40% less energy. Incentives from the Inflation Reduction Act allow you to save 30% on the costs, which can amount to thousands of dollars in savings.

EnergySage can help with that too, as one of the goals of the company is to make it easier to redeem any existing governmental benefits. You may need to act quickly if interested in capitalizing, though, as President Donald Trump said he wants to end many of the IRA's rebates and tax credits, though he cannot do so without Congressional approval, so the window remains open for now.

What everyone's saying

The topic of whether a heat pump is worth it comes up quite a lot on social media, and those who take the plunge offer glowing reviews. For example, a Reddit thread discussing whether anyone regretted their decision had some strong opinions.

"It's been flawless for over half a decade now," one commenter wrote. Another said: "No regrets on the heat pump with no backup. The system is great."

Several users mentioned the importance of doing your homework with the installer, as someone else noted: "No regrets. There's just more of a learning curve than originally thought. You also need to really be selective about your installer." 

Which of these factors would most effectively motivate you to buy a heat pump? Lower energy bills 💰 Better temperature control 🌡️ Helping the planet 🌎 I'd never buy a heat pump 🚫 Click your choice to see results and speak your mind.

Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.