Heat Pump Price Guide
A heat pump system is a component of a central heating and cooling system that can be used to warm up or cool off a home. A compressor makes refrigerant flow, which draws in heat and then releases it while it travels between the interior and exterior units. The heat pump is essentially a heat transporter that continually transports warm air from one location to the next, depending on where the air is required. Even in cold weather, there is heat energy present in the air. Therefore, in cold weather, a heat pump will withdraw this outside heat and move it inside. Likewise, in warm weather, the heat pump changes direction and functions similar to an air conditioner by pumping warm air out.
- Minimum Cost of Heat Pump Systems: $4,800
- Maximum Cost of Heat Pump Systems: $6,330
A heat pump system is a single unit device with prices that will vary based on the manufacturer. The higher-priced systems may have additional features including higher capacity, higher seasonal performance factor and higher seasonal efficiency ratio. Other costs to consider are the labor and supplies required to install the unit. The average national cost for a heat pump system installation is $5,570 with the majority of homeowners paying between $4,800 and $6,330. Although a heat pump may be expensive to install, it will replace both the air conditioner and furnace in the home.
The major factor in finding the actual price of the heat pump system is the size of the consumer's home as determined by the square footage. The cost of the heat pump rises accordingly with the size of the pump needed for the home.
There are actually two types of heat pumps: geothermal heat pumps that draw heat from the ground and air-source pumps that pull the heat from the air outside. Geothermal heat pumps are more expensive to install because the system needs to be installed underground. The upside is that maintenance on the geothermal heat pump systems is normally less as they are protected from the elements by being underground. When comparing the installation cost to the savings in energy bills and maintenance, a geothermal heat pump system actually pays for itself twice as fast as an air source heat pump system.
Advantages of Heat Pumps
A major advantage of a heat pump system is that it transfers heat rather than generating heat. As a result, this provides the consumer with more energy efficiency. In addition, because the system is powered by electricity, the consumer can realize significant savings on fuel consumption. The installation of an energy-efficient heating and cooling system run by a heat pump may qualify the consumer for some current federal tax credits. These credits can significantly decrease the heat pump system installation costs. Another advantage is that heat pump systems are quiet, clean and odorless.
Disadvantages of Heat Pumps
Heat pumps are more expensive to install than standard central heating and cooling systems. While a heat pump will save money in the long term, the initial installation costs may deter some consumers.
Heat pump systems are most applicable in moderate climates, so a supplemental heating system may be required in regions of lower temperatures. In extremely cold climates, prolonged heat pump exposure to subfreezing temperatures may damage the system and keep it from operating at complete efficiency.
The heat supplied by a heat pump system is not as extreme as the heat supplied by a gas or oil burning furnace. Therefore, consumers who are accustomed to the heat from traditional furnaces may be disappointed by the milder heat produced from a heat pump system.
Last updated on May 17, 2016
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