As homeowners, it is typical to consider our budgets in almost everything. Especially when it comes to providing the needs of our Toronto home during winter, we want a reliable heating system without breaking the bank. Heat pump vs furnace cost — which one is more budget-friendly and efficient?
This article will give you a breakdown of the potential price range for both heating systems. We will also compare how furnaces and heat pumps differ for you to decide better what to invest in.
Comparison and Contrast
Getting to know the heat pump vs furnace cost means that you also have to learn about their difference. Each heating system’s function primarily affects the money involved in the process and other factors to be discussed later on.
During heat generation, furnaces utilize the help of gas or fuel to create heat. Oil or gas enables the system to deliver heat conversion through a heat exchanger. They only function specifically for heating. Meanwhile, heat pumps are more versatile. They can operate during any season to provide you with either cooling or heating that your home requires. With the presence of a reversing valve, it acquires heat/cold from the outdoor air to transfer to the indoors. While they could be inefficient for icy locations, heat pumps are viable if you have an average winter experience.
In short and simple language, furnaces provide heating with the “creation” of energy. Fuel such as oil or gas must be present in the process to execute its function. They typically range from anywhere between $850 – $1,550. On the other hand, heat pumps provide both heating and cooling by absorbing the energy from the outdoors. Most heat pumps costs around $500 upfront.
Other Factors to Consider
The heat pump vs furnace cost debate allows us to look at more than just the pricing. While considering costs are inevitable, it is not the only factor you must weigh when purchasing a heating system. Below are some expert-recommended factors that you must keep in mind.
First is the maintenance of both systems. Furnaces and heat pumps both need regular professional check-ups to ensure proper function. While furnaces such as gas ones do not require an outdoor unit, heat pumps do. It means you have to maintain both outdoor and indoor units for a heat pump. Next is energy efficiency. While this may be complicated, scientific studies show that heat pumps are more energy-efficient than furnaces. However, if you would consider the cost of electricity to run a heat pump than the lower cost of gas, you will agree that furnaces will save you more money in the long run. Lastly, you must also consider the amount of space these heating systems cover. Furnaces are roughly requiring 30-inches of clearances on all sides. Whereas heat pumps only need 24-inches. If you live in an average home, you have to ensure you have adequate space for whichever you purchase.
The constant discussion about the heat pump vs furnace cost never ends with merely knowing their price range. As a responsible homeowner, one must also learn to analyze other factors affecting overall expenditure. If you want to have the best recommendations for your home’s needs, place a call to your trusted Toronto expert.