How The Electric Increase in Maine Effects Heat Pump Owners

If you’re a heat pump owner or considering heat pump technology for heating and cooling your home in Maine, you might have heard that electric rates are increasing in 2022. However, as all energy costs rise, heat pumps continue to be more affordable than oil and propane. In fact, now more than ever, energy efficiency is incredibly valuable, making heat pumps a worthwhile investment in the heating and cooling of your home. Read on to learn more about the importance of heat pumps in the State of Maine.

AS THE COST OF ENERGY INCREASES, HEAT PUMPS ARE AN INVESTMENT FOR THE FUTURE

The higher prices go, the more valuable energy efficiency becomes, making heat pumps a valuable investment for the future of heating and cooling your home. Heat pumps can be 400% efficient while combustion systems can’t exceed 100%.

EVEN WITH THE ELECTRIC INCREASE, HEAT PUMPS REMAIN MORE COST-EFFECTIVE THAN OIL & PROPANE

Typically, heat pumps cost the same as natural gas, ½ the price of oil, and ⅓ the price of propane. Even with higher electric rates, heat pumps are still far more affordable and efficient than other forms of heat.

ALL ENERGY PRICES ARE INCREASING

Including oil and propane. In December 2010, oil prices were $2.11 a gallon and rose to $3.14 a gallon by December of 2021. This is a 49% increase. Electric heating, heat pumps in particular, provide a much better value than heating with oil.

 

Try the Efficiency Maine Home Heating Costs Calculator to learn how a heat pump system could help you save money on heating and cooling your home, camp, or business in Maine.