When comparing the traditional forced air gas furnace and AC system, a ballpark price is about $10,000 CAD. When installing these systems, you will not be eligible for any government grants. Hybrid heat pump systems can cost $14,000 while all electric systems can have a price tag of $20,000. When installing a hybrid or all electric system, you will qualify for a $6500 government grant, leaving you with a total savings of $2500 on a completely new hybrid system.
We get this question a lot! Which one is cheaper to operate, a heat pump, or a gas furnace?”
Heat pumps are often cheaper to run than gas furnaces, but this depends on energy costs in your area. Overall, heat pumps are up to 3x more efficient than traditional gas furnaces, so they use less energy to produce the same amount of heat.
It's important to understanding how Heat Pump Technology works. Heat pumps operate by transferring heat rather than generating it, which enables them to achieve remarkable levels of efficiency, exceeding 300 percent in certain scenarios. By harnessing this technology, homeowners can reduce their energy costs significantly. Despite the common misconception that heat pumps become inefficient in subzero temperatures, modern cold climate heat pumps can maintain 100 percent efficiency even in conditions as frigid as -15F or -24C. Only in extreme cold, ranging from -24C to -30C, do they operate at about 80 percent efficiency or less.