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Heat Pumps. Buy or Lease?

By Laura BourlandRise Writer
Dec 22, 2017

Cold temperatures used to equate to astronomical winter heating costs, but with innovations like the heat pump, it’s now possible to heat your home thoroughly and efficiently.

Heat Pumps Move Heat Rather Than Reinvent It

Contrary to what the name may imply, heat pumps contribute to both home heating and cooling.

Regardless of the temperature outside, there is always heat energy to be harvested from the air, ground, and nearby water sources. A heat pump captures that energy and moves it into your home to offset heating and cooling costs to help your family live more sustainably.

How Does a Heat Pump Work?

When it’s cold outside, a heat pump will source outside heat and move it inside your home, reducing indoor heating needs by up to 50%. 

When it’s warm outside, the heat pump will work in reverse, moving heat out of the house, keeping your home cooler. 

Energy-efficient transfer of heat lessens our impact on the environment by reusing and recycling energy to create controlled climates consciously. Your baseboard heating system or furnace will have less work to do, which in turn will ensure they last longer. Heat pumps also decrease humidity in the home resulting in reduced energy consumption and a healthier family.

Homes with a heat pump installed save as much as $1000 annually on home heating and cooling costs by sustainably moving energy between the house and the surrounding environment.

3 Types of Heat Pumps for a Sustainable Home

There are 3 basic types of heat pump to choose from: Air to air, Water Source and Geothermal.

The Air to Air Heat Pump

The air to air heat pump is, by far, the most popular choice. This heat pump moves warm air from inside, out and outside, in, to maintain a comfortable living temperature. 

Air to air heat pumps can be installed in homes both with and without ducts with minimal impact. Ductless options require only a small hole to connect the condenser to the indoor heads while duct systems install within your home’s existing ductwork.

The Water Source Heat Pump

If your home sits near a lake, river, stream, or even an underground well, a water source heat pump could be the perfect option for you. Water source heat pumps source heat energy within the water and transforms it into usable energy to heat a whole home.

The Geothermal Heat Pump

The geothermal heat pump works similarly to the water source heat pump but instead sources its heat from the earth. Geothermal energy transfer for home heating has been reported to reduce overall home heating energy consumption by up to 60%. 

Until recently, heat pumps have been primarily installed in mild climates, but the geothermal heat pump changes everything. This option sources heat below ground, and even beneath a frozen surface, making geothermal heat pumps are a popular choice for cold climates, particularly in the northeast.

For more on Heat Pumps - checkout our ultimate heat pump guide.

Should I Buy or Lease a Heat Pump?

Consistently heating cool air with baseboard heaters, space heaters, gas and wood consumes a great deal of energy and often leads to high winter heating costs. Heat pumps significantly reduce energy consumption, but at what cost?

At a price point well above the average household budget, heat pumps are often overlooked as too large an upfront investment, until now.

Renting or Leasing a Heat Pump

Rental and leasing options are now available for all three heat pump options. Its never been easier to reduce your environmental footprint and save money on home heating and cooling.

Companies like Saint John Energy who traditionally sell heat pumps now offer rental plans as low as $50 per month with options to rent to own. Programs like this lower the barrier of entry for homeowners around the world to reduce home energy consumption without breaking the bank.

Another draw to these programs is that you typically aren’t responsible for the maintenance of the units. If something goes wrong a few years down the road, you’re not stuck with a pricey maintenance bill. 

Buying a Heat Pump

For families who can afford to purchase a heat pump outright, the cards are in your favor too. 

Under the 2015 Consolidated Appropriations Act, geothermal heat pumps that meet federal Energy Star criteria may be eligible for a Residential Renewable Energy tax credit. Check for rebates in your area.

You may also be eligible for a rebate on the purchase of a new heat pump. Contact your local energy company to learn more.

To Buy or To Lease an Energy Efficient Heat Pump? It’s Really Not a Hard Question!

A heat pump will significantly reduce your environmental impact and save you a good chunk on your energy bill. The choice to buy, rent or lease a heat pump comes down to what you can afford.

For some, a $3,000+ upfront investment in a heat pump is simply out of the question. That’s precisely why options to lease and rent have become more common.

If you can find the funds to buy your heat pump upfront, you can expect more significant lifetime savings in a heat pump for the home. 

Disclaimer: This article does not constitute a product endorsement however Rise does reserve the right to recommend relevant products based on the articles content to provide a more comprehensive experience for the reader.Last Modified: 2020-07-14T19:00:33+0000
Laura Bourland

Article by:

Laura Bourland

Laura grew up in the California suburbs, far removed from environmentalism, but nature always has a way. She uprooted her life in 2015, moving to the countryside of Washington to live a more sustainable and simple life on 12 acres. She and her fiancee are learning on the job as they attempt everything from gardening and natural pest control to eco-friendly building and home improvement.