Heat Pumps in Maine: How Much Do they Save and Cost?

Heat Pumps in Maine

There's been a lot of talk about air source heat pumps in Maine lately. Efficiency Maine has been adding programs to support heat pump adoption and the Maine legislature is also supporting the technology. 

If you simply want to know how to save on heating costs and need to learn how a heat pump works, we've created a simple guide that will explain how a heat pump works here. 

There Four Reasons why Heat Pump in Maine are Growing in Popularity. 

• First, ductless heat pumps and regular air heat pumps are now able to easily function in Maine. While heat pumps have traditionally been used in the mid-atlantic and south only for cooling, they can now be used for heating too. They will work in extremely cold climates, there's a case study of a family using heat pumps in Presque Isle, Maine. 
• Second, rising heating oil prices in Maine are making air source heat pumps more attractive for homeowners that are looking how to save on heating costs. 
• Third, Efficiency Maine Heat Pump rebates have just be released which can decrease the cost of heat pumps. 
• Lastly, for property owners that cannot afford the few thousands dollars or more to install a heat pump, they have the opportunity to rent them for no money down. 

Heat Pump Cost and Savings

"How much does a heat pump cost?", is a common question that we get. This depends on a number of factor that we'll discuss below.

How much a heat pump costs depends on a number of key factors: 

• Buying vs renting. If you buy the heat pump, you'll have to pay cash for the entire installation and you will be responsible for maintaining it. If rent the heat pump, it can be installed for no cash out of pocket. 
• Ducted vs ductless. A ductless heat pump is a heat pump that doesn't use any ducts. Each unit is comprised of a "cassette" the piece that goes inside of your home and a "compressor" which goes outside. A ducted system is a central heat pump that uses ducts to distribute the air. Ducted systems can be a little more expensive because you will need to install duct around the heat pumps. This requires time and more labor. 
• Full load vs supplemental heat. Heat pumps can be used to heat your entire house 100% of the time or only heat some of your house and work as a backup. If heat pumps are heating your entire house, we would call this "full load". Because this is more equipment, it's more expensive. If heat pumps are only be used as supplemental heat source and you're keeping your existing heating system, it will be cheaper. For a full load house, you might need to install 3 to  6 tons of heat pumps, depending on how large your house is and how efficient it is. If you're using the system as a supplemental heating source, you'll install 1 or 2 tons in the most heavily trafficked areas. 
• Installed cost per ton. Heat pumps, unlike furnaces or boilers, are rated in "tons". Tons is a unit of measurement that describes how much heat the heat pump can create per hour. The more "tons" you need to hear your home, the more expensive the price is. 
• Heating oil prices in maine are rising. As prices for heating oil continues to rise, heat pumps will only save more and more and more money. 

How much Can A heat Pump Save You?

The savings from a heating are driven by four things. The value of savings that a heat pump is created by two things. The cost to create heat with the heat pump and the cost that heat would have cost with another heating sources. To calculate the cost of another heating source, you need to understand

1. Electric prices
2. Average heat pump efficiency
3. Comparable Fuel Source Cost
4. Comparable Heating Source Efficiency

When comparing the cost to deliver heat, we can the term "Million BTUs" or "MMBTU". This allows us to compare various heat sources on an apples-to-apples comparison. 

You can see a chart here that explains the saving of a heat pump versus other fuel sources. 

The amazing thing about renting a heat pump is that you don't need to worry about these economics. If you rent a heat pump, the economics are very simple. You'll rent the heat pump for $450 per year and you'll save $900 year on oil. Check out our heat pump rental program here. 

A Simple Example

Here'a super simple example with a standard home. Let's say your home is 2,000 square feet and your currently use oil to hear your home. You spend $3,000 per year on oil. 

• If you rented a heat pump, you would pay $450 to rent the equipment and you would save $900 on your oil bill. 
• If you want to buy a heat pump to be used as a supplemental heater, you could purchase it for between $3,500 and $4,000. It would save you roughly $800 to $1,000 on oil.  
• Completely replacing the oil heating system might cost between $9,000 and $13,000 dollars but it could decrease your heating bill by 50%

Free Air Source Heat Pump Buyers Guide. 

We've compiled everything we've learned about air source heat pumps into a free buyers guide. The guide includes

1. Heat pump reviews. Which heat pump models work best for heating in Maine.
2. [Free Tool] Heat pump saving calculator. Determine how much you can save.
3. How to find the best contractor to install your heat pump.
4. The top 13 questions to ask every contractor to find the best one. 
5. A list of government programs and rebates available. 
6. Much more!

Download Our Free "Cold Climate Heat Pump Buyers Guide"