The article discusses the costs and processes involved in upgrading to a heat pump for your home. Experts have broken down the prices for different types of heat pumps, including ductless or mini-split, ducted, and geothermal. The costs range from $1,300 to $20,000, depending on the type and complexity of the installation. The Inflation Reduction Act provides tax credits for heat pump installation, with 30% tax credits up to $2,000, and no cap for geothermal pumps. The article also mentions that upgrading to a heat pump can save homeowners around $1,000 a year on energy bills and benefit the environment by reducing the use of dirty energy sources. According to co-founder of Elephant Energy, DR Richardson, “More efficient systems typically cost more upfront, but often qualify for better financial incentives, reducing the total cost.” The article also mentions that the future of these tax credits is uncertain, and homeowners can use EnergySage’s heat pump marketplace to find the best value for their needs.
Savvy homebuyers can typically pocket a substantial sum, ranging from $7,000 to $12,000.
