Do Heat Pumps Really Save Maine Homeowners Money?

For the last few years, as we have all had to deal with insane levels of inflation, the Maine government has been campaigning for the installation of more heat pumps.

While the units & installation are not cheap, in theory, these efficient heating and cooling systems can save consumers more money than those who are using oil, gas, or standard electric heating.

That's the theory, but is it true?  Do people using heat pumps really spend less to stay warm in the winter and cool in the summer?

According to a new study from the American Council for an Energy-Efficient Economy (ACEEE), some Maine homes are saving as much as 60% on their energy bills when they make the switch from oil, gas, or electric baseboard heating to heat pumps.

Additionally, most of these units also act as air conditioners, too.  When these are installed, it alleviates the need for those clunky-looking window units or those massive central A/C units.

Who is the ACEEE?

According to the report, the American Council for an Energy-Efficient Economy is:

a nonprofit research organization, develops policies to reduce energy waste and combat climate change. Its independent analysis advances investments, programs, and behaviors that use energy more effectively and help build an equitable clean energy future.

 

You can read the full report HERE

According to an article on the WGME website, Maine initially had a goal of installing 100,000 heat pumps in Maine homes by 2025.  That goal was reached in 2023, two years ahead of schedule.

The new goal is for the state to have 175,000 heat pumps installed by 2027.