URI Researchers: Installing heat pump could save energy costs & increase home value

The technology can replace both a traditional furnace and an air conditioning system, is more efficient than conventional technology, and could increase your homes value by more than the installation costs.

By: Tim Studebaker

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PROVIDENCE R.I. (WLNE) – It’s coming: winter cold, and those heating bills.  The less efficient your heating system, the bigger those bills could get.  Researchers at URI say there’s a solution: replace your old system with a heat pump.

Doctor Pengfei Liu specializes in natural resource economics.

Liu says, “I think this is a rare case when you can have a win-win solution.”

Heat pumps work differently, extracting heat energy from the air and moving it either into your home in the winter, or out of your home in the summer, replacing separate heating and cooling systems.

Liu says, “So that’s why the heat pump is becoming more popular now.  Because of technology advancement, it works more efficiently.”

New research out of URI and two other universities, published in the journal “Nature Energy,” shows that installing a heat pump is better for the environment and could also help you save money.  Liu says on average, a heat pump costs about $8,000 to install, but it could save the average homeowner $3,000 to $5,000 dollars in energy costs and could add $10,000 to $17,000 to your home’s resale value.

Liu says, “This increase in the resale value is higher than the installation costs.”

The researchers hope when homeowners realize both the environmental and financial benefits, they’ll be more likely to switch.

Liu says, “So that they can realize ‘I’m not only doing this for the good of the environment, I’m also doing this for myself.'”

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