A new report and calculator from the Canadian Climate Institute shows that many Canadian households can save money by switching to a heat pump for heating and cooling. The study found that replacing a gas furnace and air conditioner with an air-source heat pump would typically save money in Vancouver, Toronto, Montreal, and Halifax. The savings vary depending on factors such as the type of heating system being replaced, the region, and the type of heat pump system being installed.
For households currently using electric baseboard heating, switching to an air-source heat pump could save an average of $700 to $1,900 per year. Those with furnaces or boilers that use heating oil could save $1,000 to $3,500 per year. Natural gas heating users will see varying savings depending on their location and energy prices. Overall, heat pumps are the lowest cost option for most households, according to the researchers.
The report also discusses the different types of heat pumps available, including standard heat pumps and cold-climate heat pumps. Standard heat pumps are cheaper and require an electric backup for below-freezing temperatures, while cold-climate heat pumps can operate without a backup at temperatures as low as -20 C or -30 C.
The report emphasizes that the cost savings and efficiency of heat pumps depend on factors such as the type of home, heating system, and region. However, the overall conclusion is that heat pumps are a cost-effective and environmentally friendly option for most Canadian households.
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