As winter approaches, energy bills are likely to rise. However, new research suggests that heat pumps can significantly reduce energy bills. Heat pumps are more efficient than traditional heating systems, using up to 75% less electricity. A study found that 90% of American households could save between $300 to $1,500 per year by switching to heat pumps. Heat pumps are particularly beneficial for households that use heating oil, propane, or older electric systems, as well as those that rely on natural gas for heating.
In addition to the potential savings, heat pumps can also be more affordable with tax credits and rebates available through the Inflation Reduction Act. However, these incentives may not be permanent, so it’s wise to take advantage of them while they’re available. Installing a heat pump can also benefit the environment by reducing air pollution and heat-trapping gases. Many people who have installed heat pumps have reported significant savings on their energy bills. Overall, heat pumps are a valuable option for those looking to reduce their energy consumption and lower their bills.