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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.
From the initial contact we had an excellent experience with this company and all its personnel. Dave Gergley was an excellent, helpful, sales person and solicitous of our needs. He recommended only what was required and did not up sell or make any suggestions for products that we did not need, such as a new A.C. He explained the rebate process and basically outlined how to get the best furnace at the lowest price. When it was time for installation, the technicians could not have been more considerate, careful, attentive to detail, obviously committed to safety and optimum functioning of the appliance they were setting up. We have been perfectly satisfied with the functioning of the furnace and all aspects of acquiring it from the initial contact with Dave through to the installation process and follow ups inquiring about our satisfaction. Also they initiated the rebate process and contacted the appropriate inspection agency to carry it out. We highly recommend this company for all heating and cooling needs and we will contact them again when it is time to replace our A.C.
Twintech was excellent from the initial quote and throughout the install. They had a competitive rate for hot water tank and ended up buying the tank from them, had them remove the old tank and install the new one. The day of install they were prompt and out in about 2 hours. Professional , courteous really great guys. We took a look at my 30 year old furnace and they were able to offer some suggestions for future there too.
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.
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.
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 !!!
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!
Clean, Fast and Efficient Work. Between all the quotes I received Twintech was a few dollars less and offered the best warranty.
They did an excellent job. Everything was very well explained. At the end of the job everything was very well cleaned up.
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.
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.
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We are very happy to recommend this company to everyone. Our furnace broke down on Sunday morning. We phoned them and before noon Grant the owner showed up. He worked on the furnace for about a hour not wanting to give up to fix the problem. The furnace was 17 years old. I was the one talking about replacing it. End result was the next day it was all done. On the Sunday Bob came over with heaters to warm up the house. We decided to replace the water heater at the same time. Thanks Grant for the excellent work. Thumbs up.
Right on time. Explained how to work the HRV in a different way so the house would not be so dry. Changed my whole house water filter for me as well. Friendly, helpful, caring service!
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.
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!
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!
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