Climate policies are shifting to find sustainable and more environmentally energy options for homes and businesses. Electric heat through electric heat pumps is one of the solutions that many people are considering. But before you jump on the bandwagon, it’s important to do your research to find out if an electric heat pump is financially feasible for your family’s budget.
The Real Cost of Electric Heat Pumps
Electric heat pumps are becoming popularized by policy-driven electrification. It’s important to understand exactly how much an electric heat pump system would cost for your home, and other ways it might end up costing you down the road.
- Electric heat pumps are expensive.
On average it costs up to $20,000 to convert a home to all-electric heat with ductless heat pumps. That’s a huge expense that can’t be easily worked into the average homeowner’s budget. Not to mention, once your home is outfitted with electric heat pumps, you’ll be responsible for higher utility bills when you start using the heat.A recent study by ICF concluded that policy-driven electrification would increase the average residential household energy-related costs by approximately 38% to 46%, resulting in an increase to the average affected residential household of between $750 and $910 per year.
- Electric heat pumps aren’t equitable.
Sure, there may be some homeowners or business owners that can afford the expense of converting their property, but what about the majority of consumers? Electric heat pumps aren’t an equitable or realistic solution for most middle and lower-income families.
- Electric heat pumps need extra support.
Homes with ductless heat pump systems in climates that experience harsh winters often have a supplementary heat source that is used during extreme cold.
- Electricity isn’t as clean as you might think.
Today, according to the U.S. Energy Administration, GHG-emitting fossil fuels are the largest sources of energy for electricity generation. 91% of all coal burned in the United States goes to the country’s electric power grid and 35% of US electricity is sourced from natural gas, which is primarily comprised of methane.
There’s Another Solution: Bioheat® Fuel
Electrification isn’t the only way to protect our environment, health, and future. Bioheat® fuel is a renewable heating fuel that reduces carbon emissions without costing you thousands of dollars and an uncertain future of high expenses and unreliable heat. Bioheat® fuel is comparably priced to other liquid heating fuels on the market and can be used in existing heating systems, without expensive conversions. Click here to read more about how Bioheat® fuel is better, cleaner, and safer.
- Source: ICF, click here to visit source.
- Source: U.S. Energy Administration, click here to visit source.