Heat Pump System Money Saving Tips

Saving money on a new heat pump can be done if you know how to go about it. Most consumers today are eager to spend less when possible, and these 5 tips for saving money on a heat pump will help you get a quality unit for the best price possible.

Shop for Deals

As with any other products, deals are available when you are on a tight budget and looking to save some money. For heat pumps, deals are common at the end of the heating season but before the air conditioning season gets going. That time frame will change depending on where you live, but late winter to early spring is a good time to buy a new heat pump. You may also find deals on discontinued models. Brands change models somewhat frequently, offering updates and tweaked technology. If you buy a discontinued model, simply make sure that it comes with a full warranty.

Resist Buying Performance Features

To get the lowest price, you may have to sacrifice some performance. For example, a 16 SEER, 4-ton heat pump with single-stage cooling might cost $500-$1,000 less than a 16 SEER, 4-ton 2-stage heat pump from the same brand. If you can live with single-stage heating and cooling, don’t purchase the upgrade no matter how much the sales person pushes. In most cases, unless you’re very conscious of indoor climate factors, you won’t notice much difference. If you’re buying a complete system, the same principle is true in regard to single-speed vs. variable-speed air handlers.

Don’t Buy High Efficiency if You Don’t Need It

If choosing green technology for your home is a top priority, you should buy the most efficient model you can afford. Otherwise, buy a heat pump that matches your climate. Where summers are very hot, a heat pump with a SEER rating of 17 or above will be the most cost-efficient in the long-run. Where summers are warm and occasionally hot, a unit in the 15-17 SEER range will be best. In climates with summers that are warm but not hot, a 13-15 SEER model might make the most economic sense.

Don’t be talked into buying a more efficient model unless you can be convinced that the extra money you pay for it will be returned to you through lower energy bills in a number of years you’re comfortable with. For example, if it will take 5 years and you may sell your house in 3, don’t do it.

Look for Utility Rebates and Credits

This will mean buying more efficient equipment than you otherwise would, since they apply to high efficiency models. However, the credits and rebates will reduce your expenditure and will also keep energy costs lower every month. Check with your energy company to find rebates and credits available to you.

Get Multiple Estimates and Negotiate your Best Deal

Definitely get at least 3 written estimates on systems you are considering. They will form the starting point for getting the best price. From there, feel free to make a counter offer on the deal you like the best. There’s nothing wrong with doing this, and a contractor will often be willing to work with your figures in order to secure the job. If not, they’ll give you their best offer and you can take it or leave it.

Some consumers find that putting these tips to work saves them 15% to 40% on a heat pump. Use the tips that make sense for your situation, and you are very likely to save money on the heat pump system you choose.