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If you’ve been in the market for a heat pump, but feel concerned about the rising cost of electricity in Massachusetts, you’re not alone. It’s a big decision and you need to consider the long-term costs. Both heat pumps and more traditional HVAC equipment like furnaces have their own sets of financial pros and cons, but with all the rebates and incentives offered by the state of Massachusetts, it’s still worth considering how heat pumps can help both your wallet and the environment.
At a glance:
- Heat pumps offer long-term savings over time, despite increasing electricity costs in Massachusetts.
- Combining heat pumps with solar energy can offer additional savings.
- Heat pumps are more efficient, safer, and more versatile than traditional fossil-fuel heating systems.
If you’ve been in the market for a heat pump, but feel concerned about the rising cost of electricity in Massachusetts, you’re not alone. It’s a big decision and you need to consider the long-term costs. Both heat pumps and more traditional HVAC equipment like furnaces have their own sets of financial pros and cons, but with all the rebates and incentives offered by the state of Massachusetts, it’s still worth considering how heat pumps can help both your wallet and the environment.
Understanding the costs
Let’s talk numbers. Electricity prices are on the rise nationwide and are 25% higher per kilowatt-hour than the national average in Massachusetts specifically. It can be hard to justify switching to a heat pump based on only this statistic, especially when fossil-fuel heating systems seem more familiar and financially stable. However, even with the increasing cost of electricity, heat pumps can still come with many benefits, both financial and environmental.
Ways to offset the cost of electricity
Just because the cost of electricity is on the rise, doesn’t mean you can’t still find ways to save money. If you’re set on getting a heat pump for your home, here are a few options for lowering the cost of your electric bill.
1. Combining heat pumps with solar power: By installing solar panels in your home, you can direct the solar-generated energy to power your heat pump, reducing your reliance on power from the grid.
2. Community grid partnerships: You and other members of your neighborhood or community can come together and invest in renewable energy projects, negotiate prices with energy providers, and share information with each other.
3. Securing stable rates from third-parties: You can avoid the uncertainty of fluctuating costs all together by locking in a fixed rate through a third-party energy provider.
The money that you can save from participating in the programs above can significantly outweigh the cost of increasing your electricity uses, even with rates being as high as they are. Not only are you saving money, but you’re also decreasing your reliance on fossil fuels for the greater good of the environment. It’s a win-win for your monthly energy bill and the planet.
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Other reasons to choose heat pumps, besides money
Beyond saving money and saving the planet, heat pumps come with other benefits as well.
1. Energy efficiency: Unlike traditional fossil-fuel heating systems, heat pumps are incredibly energy efficient. Instead of generating their own energy, they simply extract heat from the air or from the ground and move it into your home. This helps reduce home’s greenhouse gas emissions.
2. Home safety: Since there is no combustion process involved with heat pumps, there’s no risk of carbon monoxide leaks or other combustion-related hazards. So you can have peace of mind knowing that your home stays safe and comfortable with a heat pump.
3. Versatility: Heat pumps offer both heating and cooling in one system, so you’ll get all the heating and cooling you need to get you through cold winters and hot summers.
Heat pumps offer your home safer, cleaner, heating and cooling year round. If you’re ready for an HVAC system you can rely on, contact the experts at Tetra today for a free consultation.
Next steps
If you’re ready to take the next step and begin the process of switching to a heat pump, here is what we would recommend. You can start by checking out our blog for more details on third-party energy providers. Also, be sure to schedule a free consultation with Tetra today. Our experts are ready to help you decide if a heat pump is right for your home and help you discover which rebates and incentives you are eligible for.
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