Get up to 50% in Heat Pump Rebates by Hydro One
The Heat Pump Advantage heating system rebate is designed to switch customers who are using electric heating as their main source of energy consumption and reduce their electricity costs.
If your house qualifies for the heating rebate you will receive up to 50% of the cost of the top heat pump brands such as Mitsubishi Electric heat pumps or Fujitsu heat pumps as a ductless heat pump system or a central air to air Carrier heat pump system depending on your requirement.
$1,500 Projected Savings on Electricity Consumption a Year
Air source heat pumps (if you have vented ducts in your home) and ductless heat pumps or also called mini split heat pumps (for houses without ductwork system) are among the most economical ways to heat and cool a home. If you take part in this one-year pilot, you can expect to reduce heating costs by about 50% – that would mean approximately $750 to $1,500 savings per year.
ENERGY SAVINGS AND PAYBACKS
A heat pump is expected to reduce your space heating energy usage by approximately 50% compared to a conventional electric space heating unit.
| BASE TECHNOLOGY | ELECTRIC BASEBOARD | ELECTRIC CENTRAL FURNACE | ELECTRIC CENTRALÂ FURNACE WITH ELECTRIC WATER HEATER |
| 2 Storey | 2 Storey | 2 Storey | |
| Estimated Annual Operating kWh | 12,350 | 12,500 | 16,600 |
| Annual Operating Cost ($0.2/kWh) | $2,470 | $2,500 | $3,320 |
| AIR SOURCE HEAT PUMP (ASHP) | DUCTLESS ASHP | CENTRAL ASHP | CENTRAL ASHP with Supplemental Water Heating |
| 2 Storey | 2 Storey | 2 Storey | |
| Estimated Annual Operating kWh | 6,000 | 6,000 | 9,000 |
| Annual Operating Cost ($0.2/kWh) | $1,200 | $1,200 | $1,800 |
| ANNUAL SAVINGS | $1,270 | $1,300 | $1,520 |
Hydro One expects a payback of between 3 to 4.5 years depending on the unit that is installed in your household, based on $0.20 per kWh and a 50% incentive. This means that within 3 to 4.5 years you will save the equivalent of your investment and afterwards you will be saving money. A heat pump is expected to last about 20 years with proper maintenance just like a conventional gas furnace.