• Protecting Water and Farmland in Simcoe County

Here’s an offer you can’t refuse

By
In Climate Change
Aug 23rd, 2022
0 Comments
106 Views

From the Ontario Clean Air Alliance
By Angela Bischoff, Director

What if you could save up to $1,000 per year or more on the cost of heating and cooling your home while helping the planet?

Sounds too good to be true? Well our new analysis of the economic benefits of heat pumps shows that it is, in fact, completely true. Over the lifespan of your heating and cooling equipment (15 years in our conservative estimate), an average home would save around $10,000 by installing a heat pump instead of a new conventional gas furnace, water heater and AC.

You can see for yourself how much you could save using our handy online calculator. All you need to know is how much gas you consume right now, and our calculator will show the cost savings of a heat pump system over the cost of replacing your current gas equipment.

Air source heat pumps are not new – there are millions in use around the world. What is new is that they are now much better equipped to meet the needs of homes in cold climates and can keep you toasty warm at -30 C. We explain all the ins and outs of heat pump technology – which operates on the same principle as your refrigerator or AC – in our heat pump primer.

And because heat pumps use electricity instead of fossil gas, they can also cut the greenhouse gas emissions from your home dramatically. That cut would be even deeper if Ontario shifts to a zero-carbon electricity system instead of ramping up gas plant use.

Buildings are a big source of climate-destabilizing emissions, so we need to accelerate the uptake of heat pump technology while improving the energy efficiency of our homes. Fortunately, there is now help to do that through the federal Greener Homes program. You can get a $5,000 grant toward the cost of an air source heat pump and, even more importantly, zero interest financing.

Because of the fantastic efficiency of heat pumps, you could end up paying less each month in loan payments and utility costs than you are currently paying for the fossil gas and electricity you currently use for heating and cooling. (Those of you in the City of TorontoOttawa, Kingston and Durham should also check out these cities’ programs that can help even more.)

Still don’t believe us? We’ve posted the full economic analysis as an Excel file for anyone who wants to crunch the numbers for themselves.

And if you think meeting your heating needs with an air source heat pump sounds like a fairy tale, tell that to the 1.3 million Norwegians who have them installed in their homes. Our American cousins, meanwhile, have invoked the Defense Production Act to speed up manufacturing of heat pumps (and solar panels) in recognition of both the economic and climate importance of these technologies.

So here’s the bottom line: Heat pump technology is real, it works and it will save you a pile of money.

Leave a Reply

Commenters must post under real names. AWARE Simcoe reserves the right to edit or not publish comments. Your email address will not be published. Required fields are marked *