Many Mainers are bracing themselves for high heating costs this winter. Heating oil and kerosene prices spiked in 2022, making it unaffordable for many to heat their homes. It often costs several thousand dollars a year or more to keep warm, even for a relatively small home.
Heat pumps have recently skyrocketed in popularity in Maine because they can significantly lower heating bills while ensuring home comfort. In addition, Efficiency Maine offers heat rebates that can reduce the cost of installing qualified equipment by up to 40 to 80%. Plus, the U.S. government has a federal tax credit of up to $2,000.
From Ellsworth to Rockland, Augusta, and beyond, many Mainers are protecting themselves from rising heating costs by installing heat pumps. Let’s examine how much you can save on your utility bills by using heat pumps.
DO HEAT PUMPS SAVE MONEY ON HOME HEATING COSTS?
The vast majority of Maine homes will save money by heating with heat pumps. But, the exact cost savings depend on several factors:
HOW YOU HEAT YOUR HOME:
The type of HVAC system you have and the fuel type will significantly impact your heating costs. According to Efficiency Maine, if you’re using electric baseboard heaters, kerosene room heaters, or a propane furnace, you could easily save between $1,000 to $4,000 by switching to ductless heat pumps at current fuel prices.
In fact, electric baseboard heaters are one of the most expensive ways to heat your home in Maine, especially now that Central Maine Power and Versant Power have raised their electricity rates. By contrast, wood stoves are among the most economical home heating systems but require much more work.
Using the Efficiency Maine heating cost calculator is one of the best ways to determine how much you will save using an energy-efficient heat pump. This tool considers current energy prices and has cost information on various heating systems, including propane boilers, oil furnaces, pellet boilers, and wood stoves.
FUEL COSTS IN MAINE
Energy prices can fluctuate significantly, especially for propane, fuel oil, and natural gas. Even the cost of firewood can vary seasonally, as the price per cord often increases when people replenish their supplies in the fall. Therefore, how much money you will save in home heating costs each month with a heat pump varies by the price of your fuel source.
One of the best ways to avoid the financial impacts of energy price spikes is to use solar energy to heat and power your home. For this reason, solar panels and heat pumps are an excellent combination. To find out how much you can save with solar panels, contact the SolarLogix team today.
HEAT PUMP EFFICIENCY
Heat pumps are generally more energy-efficient than traditional heating systems, especially if you have an efficient unit. Look for a heat pump with a high SEER (Seasonal Energy Efficiency Ratio) and HSPF (Heating Seasonal Performance Factor) rating. In addition, proper sizing is also critical for optimum heating bill savings.
At SolarLogix, we believe in using energy-efficient equipment to help reduce your utility bills for years to come. We install high-quality Mitsubishi heat pumps that qualify for up to $4,000 to $8,000 in Efficiency Maine rebates, depending on your income. We complete the paperwork on your behalf and deduct the rebates from your invoice, so you don’t have to wait to receive a check.
In addition, you could be eligible for up to $2,000 in federal tax credits for energy efficiency. These incentives can significantly reduce the overall cost of installing a heat pump in Maine. Plus, our heat pumps come with a 12-year warranty because we are a Diamond Elite contractor.
SIZE AND ENERGY EFFICIENCY OF YOUR HOME
Typically, larger houses require more energy to heat than smaller homes, so they have higher winter heating bills. Also, air-sealed and well-insulated homes have lower energy bills because the heating system runs less to keep the house warm.
Many homes in Maine are not well insulated, especially older homes. Insufficient insulation in your attic, exterior walls, and basement can cause uneven temperatures and heat loss. If your house or apartment is not well-insulated, heated air can escape, and cold winter air can enter, forcing your boiler, furnace, or heaters to work overtime.
YOUR LOCAL CLIMATE IN MAINE
Even within the state of Maine, temperatures and wind speeds can vary a bit by location. For example, average January temperatures are a bit lower in Bangor and Ellsworth than in Searsport or Camden. Also, if your home is in a particularly windy location, you can have slightly higher heating bills.
HOW CAN I REDUCE MY WINTER HEATING BILLS IN MAINE WITH A HEAT PUMP?
How much you can save depends on many factors, including the size of your home, the type of heating system, and current energy costs. Efficiency Maine estimates you can save almost $4,000 yearly at current average energy rates using a ductless heat pump instead of electric baseboard heating. Most homes with an oil furnace, propane furnace, or propane boiler can save $1,000 or more annually at current energy prices.
Once you install a heat pump, there are other steps you can take to save the most money. We recommend:
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Using your heat pump throughout the entire heating season – Even if you have a boiler, furnace, space heaters, or electric baseboard units, your heat pump is more energy-efficient. Use your heat pump instead of your other HVAC equipment when possible to save the most money on your energy bills.
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Setting your heat pump at a comfortable temperature and leaving it there – Although this may save energy with other heating systems, we don’t recommend this for heat pumps.
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Cleaning your dust filters by vacuuming or rinsing them – Keeping them clean helps your heat pump operate more efficiently. Be sure to turn off your heat pump before cleaning the dust filters.
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Keeping your outdoor unit clear of vegetation and debris – This helps your heat pump run smoothly.
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Using the proper summer setting – Choosing the best setting for the current weather can help you stay comfortable while using the least amount of energy. The summer modes are for the fan, dry (dehumidifying), or cool.
WHY ARE HEATING OIL PRICES SO HIGH IN MAINE RIGHT NOW?
Fuel oil costs vary depending on supply and demand, so they often increase during the winter, when you will likely need to fill your oil tank. Also, fuel oil prices vary depending on the cost of crude oil, which is impacted by the global economy and geopolitics.
The price of fuel oil can vary significantly from month to month in Central and Midcoast Maine. For example, they were $1.90 per gallon in Maine in November 2020. But, they were nearly $6.00 a gallon in November 2022, according to the State of Maine Governor’s Energy Office.
Nearly 60% of Mainers use fuel oil to heat their homes, so heating costs can vary significantly each year, making it difficult to budget and afford other essentials. As a result, many Mainers are installing heat pumps to cut their heating bills while promoting home comfort. Our whole-heat heat pump solutions can eliminate the need for a boiler, furnace, wood stove, or baseboard heaters.
CONTACT SOLARLOGIX TODAY TO CUT YOUR HEATING BILLS
The SolarLogix team is skilled in sizing and installing residential and commercial heat pumps in Maine. We use high-quality Mitsubishi heat pumps, known for their innovative technology, quiet operation, and 12-year warranties.
We are one of the top residential and commercial heat pump installers in Maine, and our service area includes Bangor, Ellsworth, Augusta, Belfast, Winterport, Camden, and Rockland. As an approved contractor for Efficiency Maine, we can help you take advantage of up to $8,000 in heat pump rebates. We complete the paperwork and apply the rebates to your invoice, so you don’t have to wait to receive your heat pump incentive.
CLEAN ENERGY SOLUTIONS – BANGOR, ELLSWORTH, BELFAST AND ROCKLAND
SolarLogix provides solutions for high energy prices with heat pumps, energy-saving water heaters, solar energy systems, and electric vehicle chargers. These energy-efficiency and renewable energy solutions reduce or eliminate the impact of energy price spikes while ensuring exceptional home comfort.