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Weighing in if a heat pump is worth it for your home? An expert explains how to calculate the cost of operating a piece of equipment
As costs continue to rise and the focus on renewables shifts, many households are considering adding a heat pump to their home to help cope with fuel costs and rising emissions. But how much does it cost to run a heat pump? Is your house worth it?
The growth of green heating is an exciting prospect, and while it is a big investment, it is becoming more and more enticing as the prices of traditional heating and cooling systems continue to rise. With prices rising, heat pumps seem like a more viable option to cut down on electricity bills and repay investments in the long run.
We spoke to heat pump experts and asked you how to calculate the cost of running them so you can make the most informed decision.
There are several types of heat pumps you can install on your property, and each type has different associated costs that may affect your purchasing decision. Knowing the pros and cons of each type, as well as the cost of running each, will help you select the energy efficient appliances that suit your home’s needs.
“Heat pumps are estimated to reduce boiler usage by 80% and reduce energy bills in well-insulated homes by about 30%,” explains Les Roberts, Bionic content manager. boilers as opposed to boilers.” which currently use fossil fuels, you only pay for the electricity used to run the heat pump.
“Because the heat pump extracts heat from the surrounding air, the cost of gas does not affect your electricity bills. This is especially valuable at this time as global demand does not seem to be slowing down and gas prices continue to rise.
Ground source heat pumps: “Ground source heat pumps can cost anywhere from $13,000 to $35,000,” Les explains. “This is because geothermal heat pumps are the most expensive system and are costly to install because they require earthworks, which means earthworks and construction work on your site.
Air source heat pumps: “Installation costs for air source heat pumps range from $4,000 to $8,000,” Les continues. “While it’s much cheaper, the cost will depend on whether you need a monolithic system that sits on the outside of the building, or a split system that has a unit inside and outside.”
“When properly installed, air source heat pumps can cut heating energy use by up to two-thirds, resulting in lower energy bills,” adds Tom Edmunds, managing director of Wunda Group PLC (opens in a new tab). “To put it simply, an air source heat pump captures the latent heat in the air and uses it to heat water. Generally speaking, if you spend one unit of electricity on a heat pump, you get three units of heat—virtually two units of heat.
“Air source heat pumps typically heat water to around 95-120F, so it’s important to make sure you pair the heat pump with a low temperature central heating system that can take advantage of the low temperature water and still heat your home comfortably.” Tom continued.
Water source heat pumps: “Water source heat pumps cost about $10,000 to install. But be aware that you need to be near a suitable body of water to use this type of heat pump,” warns Les.
Unlike calculating the cost of running an electric heater or fan running 24/7, calculating the costs associated with a heat pump can be tricky as eco-home improvements get a little more advanced and complex than traditional equipment.
“The cost of running a heater or heat pump can vary depending on the type, size and how the equipment is used,” explains engineer and renewable energy expert Adam Roper. A few cents, while larger units can cost a few dollars an hour. In addition, the cost of running a heat pump will vary depending on the climate and the size and efficiency of the unit. In general, however, it will cost less to run a heat pump than to run the cost of a traditional stove.
With this information, you can use the following formula to calculate the cost of running a heat pump:
(electricity bill per kWh) x (heat pump output in BTU) x (heat pump efficiency class) x (number of hours of use per day) x (temperature difference between inside and outside the house)
“For example, let’s say your local electricity bill is $0.10/kWh, your heat pump has a capacity of 3,000 BTUs, your heat pump has an efficiency rating of 9 SEER, you use your heat pump four hours a day, and the difference the temperature inside and outside your home is 30. Using this information, we can calculate the cost of running a heat pump at $0.36 per day.
If you’re thinking about starting to refurbish your property to fit in with your new eco-home, the first thing to consider is whether it’s worth the investment.
“To figure out if a heat pump will save you money over time, you need to consider the cost of running both the heater and the heat pump,” Adam said. “The cost of running a heater will vary depending on the type of fuel you use, the efficiency of your heating system, and local energy prices. The cost of running a heat pump will also vary depending on the size and efficiency of the heat pump, local climate, and energy bills. Generally, heat pumps are more expensive than traditional heating systems, but if you live in a climate where they are used frequently, they can save you money over time.
Despite the complex installation procedure, heat pumps offer a number of benefits to any home – not only are they cheaper to run on average. For example, despite their name, heat pumps are also a great eco-cooling device that can help in both summer and winter.
“Heat pumps are much cheaper to maintain and require less frequent maintenance than gas boilers, so you save on maintenance and maintenance costs,” notes Bionic’s Les. “Heat pumps also last longer than gas boilers (expected 20 to 30 years) and typically come with a two to three year warranty.”
While there can be a lot of confusion about how a heat pump connects to an existing structure in your home, Les ensures that a heat pump will generally work with your home’s existing heating system. “In many cases, when you install a heat pump, you don’t need to replace the existing radiator because many household radiators are actually oversized compared to the typical boiler water supply temperature, so a lower heat pump supply temperature will suffice.
“The bigger the heatsink and the more power, the more likely it is to work with the pump because it has more surface area to dissipate heat,” Les continued. “The ground and air source pumps should work with your radiator, but the best way to check this is to use the services of a heat pump engineer. It’s important to note that if you have a heat pump, underfloor heating is a good idea due to select a larger heating surface area .
“Until recently, depending on where you lived, natural gas heating was generally better than a heat pump,” says Dr. Joshua Pierce (opens in a new tab) of Western University. If you get your energy from cheap solar, a Canadian heat pump might make economic sense. The return on investment is modest (up to 1.9% in the US and 2.7% in Canada for all their electricity and heating needs with a combination of photovoltaic solar panels and heat pumps). However, as a capital investment and some inflation hedge it is now a good option if homeowners want to reduce their carbon footprint and make their homes more comfortable,” he explained.
Although a heat pump requires some electricity to operate and generate heat/extract hot air from a building, it is relatively small. This low electricity consumption makes a heat pump more efficient and generally less expensive to run than traditional gas central heating or an electric fireplace.
While heat pumps can get cheaper over time, their initial installation costs are so high that many people give up hope of installing a heat pump. What’s more, they require major structural modifications, making them difficult to install in some homes or more historic homes. Before proceeding with the installation, it is worth doing some research to see if a heat pump is right for your individual needs.
Chiana is a junior writer for Homes & Gardens having joined Future plc as a new graduate in 2022 after achieving a 1st class degree in Literature at university. Chiana is a junior writer for Homes & Gardens having joined Future plc as a new graduate in 2022 after achieving a 1st class degree in Literature at university. Чиана — младший писатель в Homes & Gardens, присоединившаяся к Future plc в качестве нового выпускника в 2022 году после получения первой степени по литературе в университете. Chiana is a junior writer at Homes & Gardens, joining Future plc as a new graduate in 2022 after completing her first degree in literature at the university. Chiana 是Homes & Gardens 的初级作家，在大学获得文学一等学位后，于2022 年以应届毕业生的身份加入Future plc。 Chiana 是Homes & Gardens Чиана, младший писатель в Homes & Gardens, присоединилась к Future plc в качестве свежего выпускника в 2022 году после получения первой степени по литературе в университете. Chiana, a junior writer at Homes & Gardens, joined Future plc as a fresh graduate in 2022 after completing her first degree in literature at the university. She first became interested in design after helping her parents renovate her childhood home over the summer. A longtime reader of Future’s home publications, Chiana constantly finds new inspiration in her work as she focuses on new trends, how-to’s and news articles.
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