A heat pump is a 2-in-1 device that can warm the interior of your home in winter and freshen up the atmosphere in summer. Operating mainly using free and renewable energy, this device is renowned on the market for its economical nature. What is its price and why is it profitable?

How much does a heat pump cost on average?

The price of a heat pump can go up to over $15,000, including installation. The elements taken into account when calculating the total cost of the device are as follows:

• The type of heat pump selected: wall-mounted, central or multi-zone;
• The heat pump model chosen: Air-Water, Air-Air, geothermal;
• The brand of the device, its quality and its COP (coefficient of performance);
• The dimensions of the space to be heated and cooled;
• The cost of installation by the service provider: it is always recommended to entrust the installation of this type of device to a professional to guarantee its proper functioning and durability.

‍

Why is the heat pump considered to be an economical and profitable device?

It is true that the initial cost of a heat pump seems very high at first glance. However, this device is indeed profitable if it is used in the right conditions and if you opt for higher quality devices. We explain everything to you.

Heat pump and energy saving

A heat pump captures the natural energy (heat) contained in the air, water or ground to heat or cool the interior of a building. Thus, its use reduces your electricity or fuel consumption. As a result, expenses related to heating or air conditioning devices will decrease more or less considerably, in the short and long term.

Heat pump and grants

In Quebec, it is possible to receive financial assistance for the installation of a heat pump if it is on the list of eligible devices. Several organizations offer grants, which can go up to $15,000 or more, depending on the situation. Among them, we can for example mention Hydro-Québec as part of the Efficient Heat Pumps program, NovoClimat Homes, Rénoclimat or NovoClimat Small Multi-Unit Buildings.

Heat pump: a significant but profitable initial investment

In the end, the personal contribution required to buy and install a heat pump can be reduced to a few thousand dollars only if you choose a device that is eligible for the financial assistance available.

In addition, the savings in money generated by reducing your energy consumption are significant in the long term. Therefore, experts believe that the total cost of installing this type of device pays off in 5 to 10 years, and its lifespan is 15 to 20 years if it is of good quality.

To conclude

However, note that the heat pump reduces your electricity consumption, and therefore your electricity bill, only under the following conditions:

• The thermal insulation of the building is optimal;
• The temperature in winter is not too low. Otherwise, it will be mandatory to opt for a geothermal heat pump, whose limits are much wider since the inside of the ground is not exposed to frost;
• The device is of good quality and is maintained properly;
• The size of the device is adapted to the surface to be heated or cooled.