Heat pumps are still a luxury product here that you only see on new homes or well financed gut remodels, which I think is the problem. As market is largely price insensitive individuals here, there’s no downward pressure.
Quite the racket here in the US. They’re still a luxury product.
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I spent C$40K (about US$30k) on a ground source aka 'geothermal' heat pump to replace furnace powered by propane tank. I kept propane for on-demand hot water and whole house generator. I have no options for utilities other than electricity.
A couple of years later I spent another C$40k for a 20kW rooftop solar system, with net metering and no battery. Net metering was critical for getting any return at all. A battery is next to useless here- I generate almost all of my solar electricity in May-Oct but use the majority of it in Nov-April. Net metering lets me 'store' excess from summer and use it in winter.
Annual costs:
Before:
C$8,000+ propane (heating + hot water)
C$2,500 electricity (cooling + misc)
$10,500 total
With C$40k investment in geothermal heatpump: C$4,500 electricity (heating + cooling + misc)
C$500 propane (hot water)
C$5,000 total.
With heatpump and then C$40k investment in rooftop solar: C$2,000 electricity (heating + cooling + misc)
C$500 propane (hot water)
C$2,500 total.
So I'm seeing about C$8k/yr saving for C$80k investment. The heatpump saved me over $5k a year and the solar about $2,500 a year. The heatpump has pretty much paid for itself after 5 years, the solar will take at least 15 years (unless prices go way up) although should eventually see some return 15-20 years out.In reality it might have cost even more than that to heat with propane. On the propane furnace we barely heated in winter, burned a lot of firewood to make part of the house livable. I'm trying estimate how much it would cost to heat the house to a comfortable 20C (68F) although the thermostat now with the heatpump is set to 22C (72F) in winter so there's an improvement in comfort as well as the ROI.
$20k USD is insane though. I live in Ontario and we paid $12k CAD (pre-government subsidy) for a modern heat pump with a backup high efficiency furnace for when temperatures dip down to -40 or lower.
Honestly, just piling more insulation in the attic and doing an energy audit will probably put the ROI out another 10+ years...
I'm hoping the newer window units that are being rolled out to the NYC market will be good enough to put downward pressure on the outrageous prices in the installation market. Or maybe I'll just dedicate a weekend to DIYing :P
Where it did make sense was when I was getting solar. It was only a few thousand since I already had the trades out and reducing the load was important for the ROI on the panels.