this post was submitted on 23 Feb 2024
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I'm building a new house soon, and looked heavily into this. Live in USDA zone 5 Midwest.
First, like many have mention, I MUST keep gas furnace to handle the few weeks of -10F we have.
SECOND - the cost of gas is SO CHEAP, and electricity SO HIGH - that it ALWAYS costs more to run the heat pump. Even adjusting the heat pump range.
I couldn't justify spending $10k more on the house, just to spend more on monthly bills.
My gas is like $7/mmbtu, and electricity $0.20/kwh.
Given the large number of gas export terminals already approved and under construction, I'm expecting US gas prices to at least double over the next few years, bringing them up to match the international LNG price.
To add to this, I work in Oil and Gas regulation. Unless you're in Texas, prices are gonna go up.
hmm.... maybe i should see just how much money switching to heat pumps is. it'll 10-15 years before they'd need replaced naturally