Why Buying a Heat Pump Instead of a Furnace Makes Sense

Want to heat and cool your Myrtle Beach home, fight climate change, and save money—all at the same time?

Get a heat pump.

Under the Inflation Reduction Act of 2022, the federal government offers generous rebates and tax breaks to homeowners who buy heat pumps. The financial incentives aim to wean consumers away from fossil fuel-based home heating, such as natural gas furnaces, and steer them to efficient and environment-friendly electric heat pumps.

Heat Pump Rebates and Tax Credits

Federal rebates will reduce the price of the heat pump you buy. Depending on your South Carolina household income, you may qualify for a rebate covering the heat pump’s cost of up to $8,000. Regardless of household income, homeowners can get a federal tax credit of up to $2,000. Financial incentives also may be available locally.

From a financial perspective, there is no better time to switch from gas furnace heat to an electric heat pump system. Installing a heat pump also helps you prepare for a greener future at a time when states and local communities increasingly stress the use of electricity for home heating.

Some states have already banned natural gas altogether in new home construction. 

You will be ahead of the curve if you install a heat pump in your Myrtle Beach home sooner than later. However, switching from your gas furnace to an electric heat pump takes a little planning.

If you wait until your furnace breaks down in winter, you may settle for whatever fits into your existing space and restores heat quickly. That may be another gas furnace. You may not have time to explore other options.

If your furnace is nearing the end of its useful service life, start planning now for its replacement. Our experts at Coastal Air + Refrigeration, your trusted heating, ventilation, and air-conditioning (HVAC) company, can show you how a heat pump can improve comfort and reduce your carbon footprint. We can recommend the best brand, size, and features for your Myrtle Beach home.

The Heat Pump Difference

An air-source heat pump works like an air conditioner in cooling mode. It extracts heat from the air inside your home and exhausts it outdoors, cooling your environment. When in heating mode, it moves heat from the outdoor air to inside your home.

A gas furnace burns fuel to create heat and creates byproducts, such as carbon dioxide (CO2) and carbon monoxide (CO), which it sends into the environment through a chimney or exhaust pipe. Heat pumps do not emit noxious gases. If solar, wind, hydro, or another clean energy source creates the electricity that powers your heat pump, no carbon emissions are involved in the heating process. 

Transferring heat is more energy efficient than burning fuel to create heat. High-efficiency gas furnaces can convert 90 to 97 percent of the natural gas they use into heat for your home, with the other 10 to 3 percent lost through the exhaust pipe.

According to the U.S. Department of Energy (DOE), an air-source heat pump, when properly installed, can deliver up to three times more heat energy to a home than the electrical energy it consumes.

It is clear why the federal government and clean energy advocates are promoting heat pumps as essential to the nation’s electrification strategy. These dual heating-cooling systems save energy and help fight climate change.

They reduce monthly utility costs and simplify your HVAC system by serving heating and cooling needs. They also outpace air conditioners when it comes to humidity control.