A heat pump? Why would I spend money on that?
We are all stretched financially. With the rising cost of gas, food, oil, and electricity, as well as all other products due to inflation, it’s hard to budget our income to keep a few extra dollars in our pockets come the end of the month. Aside from housing, the cost of living in Nova Scotia is substantially higher than in other parts of the country. In addition, heating costs have nearly doubled if you heat with oil, and are continuing to increase at a rate of 14% for electricity. This has a lot of Nova Scotians looking for cheaper, and more efficient ways to heat their homes.
The Efficiency of Heat Pumps
Heat pumps are so efficient that they typically reduce heating costs to about a third of other heat sources. The winter is long, and that money adds up fast.
Heat pumps offer an excellent heating option for Nova Scotians, as they are cost effective, efficient, and in many cases eligible for multiple government rebates. While heat pumps are not typically considered a primary heating source, they can be deemed this way if they are part of a ducted system. In addition to being extremely efficient, a heat pump will both heat and cool your home, as well as filter the air that it circulates through your home. Clean air that’s heated at roughly a third of the price of other heating sources is a bonus.
Making the Switch from Oil Heating to a Heat Pump
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400;”>This is especially good news for Nova Scotians who are looking to switch out from their oil heating to a cheaper and more efficient ducted system. The Federal Government of Canada has just introduced a rebate to this effect. It will be available to individuals who qualify based on their annual family income, and a stipulation that they will remove their current oil heating source and make the switch to a heat pump. The Oil to Heat Pump Affordability Grant, projected to begin in January 2023, will offer up to $5000 to those who quality and change their heating source to a heat pump. More information can be found here.
The Greener Homes Initiative Grant
Also, if you haven’t yet had a Home Energy Audit on your home, it is a great way to help determine which products you can install to make your home more efficient; and how you can qualify for other programs and grants in Nova Scotia. Heat pumps are on the list of eligible products; however, you will need to schedule your home energy audit prior to getting a new heat pump installed in your home to qualify for the grant. There are quite a few companies currently offering energy audits in the province that can easily be found online through a quick Google search. There are additional qualifications required as well: for example, the installation of any heat pumps must be done on your primary residence, and larger multi-head heat pump units are favored. Here is some further information on the Greener Homes Initiative.
Provincial Grants for Heat Pumps in Nova Scotia
In addition to the Greener Homes Grant providing $2500-$5000 for heat pump installation, homeowners can qualify for Provincial Heating System rebates in Nova Scotia of $200/ton and $300/ton for provincial Home Energy Assessment rebates. There is also a heating assistance rebate for low-income Nova Scotians and ranges from $100-$200 based on your income. More information on this rebate can be found here.
How to Make your Heating Costs Even Cheaper
All the grants available to those looking to make a switch or add a heat pump to their homes in Nova Scotia makes it very attractive to homeowners. For those who are unsure about having the money to install a heat pump in their homes; but still want to benefit from lower heating costs, financing options exist. Did you know that you can finance a top of the line heat pump starting at less than $60/month? Valley River Heat Pumps is located in the Annapolis Valley, and offers many financing options to get homeowners started with a heat pump. Financing is open and can be paid off or paid down at any time. A great example of using financing to your advantage with heating rebates is to finance a heat pump, and then paying off a large portion of your investment with the monies received from all government grants.
With the many programs, grants and financing options available at the moment, it just makes sense to fight increasing energy costs by considering the installation of a heat pump for your home or business in Nova Scotia.
