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How You Can Save Money With a Heat Pump

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How You Can Save Money With a Heat Pump

Posted On: June 25, 2025

How You Can Save Money With a Heat Pump

As homeowners look for smarter and more sustainable ways to manage energy use, one solution continues to rise in popularity, the heat pump.


Unlike traditional heating and cooling systems that consume large amounts of fuel or electricity to generate heat, a heat pump works by transferring heat, making it significantly more energy-efficient.


But how exactly can a heat pump save you money?


This mid-length article breaks down the financial benefits of switching to a heat pump, from monthly energy savings to long-term value.


What Is a Heat Pump?


A heat pump is an all-in-one heating and cooling system.


Instead of burning fuel to generate heat, it moves heat from one place to another using electricity.


In the winter, it pulls heat from the outside air (even when it’s cold) and moves it into your home.


In the summer, it reverses the process to cool your home by removing warm air.


Because of this transfer method, heat pumps are far more efficient than traditional systems—using up to 50% less energy in many cases.


1.


Lower Monthly Energy Bills


The most immediate way a heat pump saves money is through reduced monthly utility bills.


Traditional systems like electric furnaces or baseboard heaters convert electricity directly into heat, which can be extremely expensive.


A heat pump, on the other hand, uses one unit of electricity to move up to three units of heat.


This can translate to a 30–60% reduction in heating costs, especially in milder climates where the system doesn’t need to work as hard.


During the summer, heat pumps also function as efficient air conditioners, reducing cooling costs compared to older central AC units.


2.


One System for Both Heating and Cooling


With a heat pump, you only need one system to handle both heating and air conditioning.


This eliminates the need to purchase, install, and maintain two separate systems.


Not only does this reduce upfront costs (when replacing both a furnace and AC), but it also simplifies ongoing maintenance, which means fewer service calls and lower repair bills over time.


3.


Fewer Repairs and Longer Lifespan


Heat pumps are built with fewer mechanical components than gas furnaces and don’t involve combustion, which often leads to wear and tear in traditional systems.


While no HVAC system lasts forever, many well-maintained heat pumps can last 15–20 years, especially newer models designed for durability and cold-weather performance.


Fewer breakdowns mean lower repair costs across the life of the unit.


4.


Eligibility for Rebates and Incentives


Governments and utility companies frequently offer rebates, tax credits, or low-interest financing to homeowners who install energy-efficient systems like heat pumps.


Depending on where you live, these incentives can reduce installation costs by hundreds or even thousands of dollars.


In the U.


S.


, for example, the Inflation Reduction Act provides significant federal tax credits for qualifying heat pump systems.


Local utility companies may offer additional rebates, making the switch even more cost-effective.


5.


Increased Home Value and Appeal


Upgrading to a modern, energy-efficient heat pump can improve your home’s marketability.


More homebuyers are looking for green features and long-term savings, and energy-efficient homes often appraise for more.


A new heat pump system can be an attractive selling point, especially in areas where sustainable living is a priority.


6.


Zoned Heating for More Efficiency


Many heat pump systems, especially ductless mini-split models, offer zoned temperature control.


This allows you to heat or cool only the rooms you’re using, reducing waste and lowering your utility bills.


For example, if you spend most of your time in the living room and bedroom, you don’t have to pay to heat an unused guest room.


7.


Lower Maintenance Costs


Unlike combustion-based heating systems (like gas furnaces), heat pumps don’t require fuel delivery, chimney maintenance, or carbon monoxide monitoring.


Routine maintenance is typically limited to filter cleaning, occasional refrigerant checks, and general inspections—resulting in fewer unexpected expenses.


The Bottom Line


So, how can you save money with a heat pump? Through lower monthly utility bills, fewer system components, access to government incentives, and long-term reliability, heat pumps offer one of the most cost-effective and energy-efficient solutions for modern homeowners.


While the initial installation cost may seem high, the ongoing savings quickly add up—making a heat pump a smart investment in comfort and sustainability.



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See What Our Customers Are Saying:

by Harry in Toronto on Twintech Heating and Cooling

Ever since I turned on my furnace on Oct 2018 I hear a humming sound when the furnace fan kicks in. I called Adamson Air System who installed my furnace 7 years ago and couldn't figure it out the problem. I just wasted money to the guy who couldn't figure it out. I found Twin Tech via Amana / Goodman website. I checked the reviews from previous Twin Tech customers. I called Greg and was onsite on time this morning Sunday, Nov 25 2018. He figured it out what's wrong with the furnace and explained what the previous installer (adamson air system) did wrong when they installed it. His knowledgeable about his job. He recommend to replace the fun motor because the sound is not normal when it's running. Looking forward to see him again to replace the fan motor.

by Roger in Pickering on Twintech Heating and Cooling

Our house is over 22 years old and I had been researching furnaces and A/C brands for a while and thought it was time to take the plunge. After calling three different companies to come in and quote the job, this one won me over. From the first visit from Dave all the way to the end of the install by Greg, Grant, and Piotr, I was glad to have picked this company. Dave was very knowledgeable and really took the time to explain what kind of quality installation I was going to get as well as showing me some of their previous work and certificates.

I was also surprised at how quick the installation took and how nice everything looked afterward, I mean it's only a furnace right? They even re positioned the furnace so that I have easier access to my filter and humidistat, awesome! If you are looking for a company that cares about their customers and is proud about the quality of work they do, along with a great and competitive price, then stop right here because you found it.

by Louis in Pickering on Twintech Heating and Cooling

Once our AC Unit started to fail, I called our past Heating & Cooling provider for support. The response was we needed a new motor for our Furnace. It was time to check their Quote against the marketplace, I reached to other providers online. One of the owner of Twintech (Greg), called me and offered a preliminary Quote and recommendation online. The others needed to set an appointment and came to measure and spend 1 hour before offering a quote. Then I asked Twintech to come finalize their quote to make sure their recommendation was aligned and met our needs.

Twintech was professional throughout the process, easy to deal with (Web, Phone and in Person), price right and met their commitment. Their team expedited the process and installation, arranged for a energy assessment for available rebates and most importantly, delivered on their commitment and managed to do a few extras. They installed a New Furnace, AC unit and Nest thermostat in a day, remove all older units, left the house and outdoors clean and without any debris. Great to be able to support a Local Company, Neighbour and Professional team - Well Done Team Twintech !!!

by Elizabeth and John L from Scarborough on Twintech Heating and Cooling

In October 2018, I contacted Greg at Twintech to do a furnace cleaning. Greg discovered that my furnace, installed in 2006 by another company, had been installed incorrectly, leading to restricted air flow. The heat exchanger was also defective. As well, my furnace was too large for the size of my house.

In my opinion, the biggest concern most of us have as consumers is that we have no idea of the quality or knowledge and experience of the technicians any heating and cooling company will send into our homes. I could have avoided having my 2006 furnace installed improperly (leading to early replacement), had I known about Twintech then.

With Twintech you get it all. Because Twintech is a smaller company you can rest assured that the only technicians who will work in your home are Greg and his twin brother Grant who are co-owners and fully licensed and certified with over 30 years of experience in installing and servicing heating and cooling equipment. They are both friendly and personable and answer all your questions. Their workmanship is outstanding. We had a 2 stage, variable speed Goodman furnace installed. My wife and I noticed a difference in the heating and even temperature of our 2 storey home almost immediately. Our old furnace always heated too much on the main floor and too little upstairs. We are also impressed with how quiet the furnace is.

Twintech's office manager, David Gergley, is equally friendly and not only gave us a competitive quote to replace our furnace (we sought other quotes), but also went above and beyond my expectations when he made arrangements with an energy audit company so that we would be considered for a grant from Enbridge and IESO.

Needless to say, I give Twintech a 10 out of 10 and highly recommend them!

by James, Ajax on Twintech Heating and Cooling

Clean, Fast and Efficient Work. Between all the quotes I received Twintech was a few dollars less and offered the best warranty.

by garysumnec360, Whitby on Twintech Heating and Cooling

They did an excellent job. Everything was very well explained. At the end of the job everything was very well cleaned up.

by Glade, Pickering on Twintech Heating and Cooling

Twintech offered me a competitive price but more importantly great sales and installation service. They did everything with attention to detail and quality workmanship that is hard to find in this day and age. Dave who first game to visit me answered most of my questions and probed about my needs. For the technical/install questions he was unable to answer he quickly had Greg and Grant the owners answer for me. They did not cut corners on the installation or do anything to simply save time. They stayed into the early evening to complete the job and removed all my old components and even fixed up mistakes other workers ahd made in the past. I would highly recommend them and use them again if the need arises in the future. If you are looking for service or new equipment I would highly recommend Twintech be on your list of Heating companies to get a quote from and ask your questions to.

by Anne of Major Oaks in Pickering on Twintech Heating and Cooling

The company epitomizes high quality service: from the initial client interaction with Dave to the installation and follow up with the technical team. One of the key features I look for is the ability of a technical person to talk to and not talk down to the customer when responding to questions and I had quite a few, all of which were very professionally addressed. I was also quite impressed with the follow up service, promptness, the obvious competence of the team who left no stone un-turned to ensure I was a satisfied customer. Thank you guys.

by Aileen Johnson in Toronto on Twintech Heating and Cooling

All staff concerned were total professionals. Sales rep Dave was like having an old friend at your house. No up selling or pressure, just good honest facts and figures. The owners and assistant who installed our unit worked quietly, efficiently and left our home clean. We could not have been happier with the service and attention we were given. We are so happy a family member recommended Twintech. She said "don't call anyone else, just call them...they are amazing". And they were!!! Thank you guys for the great work!!! A. Johnson

by Lynsey from Toronto on Twintech Heating and Cooling

We are completing a large project adding an addition on to our house and couldn’t be more pleased with our decision to trust Twintech with our hvac work. They removed and replaced the furnace, installed a new A/C unit, swapped our tank water heater for a tankless unit, and completed ducting and new A/C lines through the addition. Without hesitation we would recommend Twintech to anyone.

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See What Our Customers Are Saying:

by Robert Rogers on Twintech Heating and Cooling

Very pleased with the professional service that TwinTech Heating and Cooling provided in replacing my furnace. I got several quotes from different service providers. Their price was excellent and they explained the features very well. We are very glad we went with TwinTech and highly recommend their services.

by Robert Mizuno on Twintech Heating and Cooling

We were new homeowners in need of a second opinion. TwinTech Heating & Cooling were Amazing and professional. Very knowledgeable and great service all around. Recommend to anyone looking for honest and reliable services. Treated with respect and care. Thank you Greg, Mitch and Bob!

by Ruth on Twintech Heating and Cooling

TwinTech is an excellent and honest company! I called them for a second opinion after being told by another company that I needed to replace my furnace. Turns out this was not the case at all! I did not need a new furnace. TwinTech did not push to make an unnecessary sale and saved me from a huge expense. Bob and Mitch were extremely professional and above all honest! I definitely recommend TwinTech!

by Anna Chin on Twintech Heating and Cooling

Amazing experience with TwinTech Heating & Cooling! Their team was professional, knowledgeable, and efficient from start to finish. They installed my new furnace quickly and left everything spotless. The technicians took the time to explain everything and made sure I was comfortable with the system before they left. Great customer service and fair pricing. I highly recommend them for anyone needing HVAC services!

by Connor Agnew on Twintech Heating and Cooling

Great experience all around. Bob was sharp and easy to talk to, and Greg handled the installation perfectly. Would hire them again in a heartbeat.

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