Is an electrical heat pump cheaper than gas?

Maintaining a comfortable indoor temperature level is a priority for most homeowners throughout the year.

However, during winter, you are bound to be even more aware of how efficiently your heating system works as well as what to replace it with should it break down completely.

Heat pumps have an average lifespan of 15 years. While a gas furnace produces heat by burning combustible fuel like propane or gas, an electric furnace generates heat by blowing air over a hot component. An electric heat pump pulls heat from the outdoor air and transfers it to your home’s indoor air. So while an electric heat pump will not produce heat, it can absorb heat through pressurized refrigerant lines, releasing it into your indoor space. For electric heat pumps, year operating costs for highly efficient models are about $500 for both cooling and heating. These costs may go up depending on your home’s size and the quality of your electric heat pump. Energy efficiency may take a nose dive if the auxiliary heat ever activates, which may occur when temperature levels fall below freezing point. The electric strip backup is priced up to 5 times more compared to regular heating modes. On the other hand, using a gas furnace during harsh winter conditions will save you money as it is more efficient below freezing than heat pumps. Natural gas prices fluctuate based on market prices, while electricity is more stable in costs. Averagely, with a gas furnace, you might spend up to $850 per year, over $350 above electric heat pumps.

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