Use this tool to calculate your potential savings when using a heat pump for your home.
How to use the Heat Pump Savings Calculator:
1. Enter your current energy cost per kWh in the first field.
2. Enter the efficiency of your current heating system as a percentage.
3. Enter your annual heating demand in kWh.
4. Enter the COP (Coefficient of Performance) of the heat pump you are considering.
5. Click the “Calculate” button to see your potential annual savings.
How it calculates the results:
The calculator estimates the annual savings from using a heat pump compared to your current heating system. It takes into account:
- Your current energy cost per kWh
- The efficiency of your current heating system
- Your annual heating demand in kWh
- The efficiency of the heat pump, expressed as the COP
The formula used is:
Annual Savings = ((Current Heating Demand / Current Heating Efficiency) * Current Energy Cost) - ((Current Heating Demand / Heat Pump COP) * Current Energy Cost)
Limitations:
- This calculator does not factor in installation costs for the heat pump.
- Electricity price fluctuations are not considered.
- The COP is assumed to be constant throughout the year.
Use Cases for This Calculator
Calculate Potential Savings
Enter your current energy usage and compare it with a heat pump system to estimate potential savings on your utility bills.
Compare Multiple Scenarios
Experiment with different energy consumption levels within the calculator to compare savings when using a heat pump in various scenarios.
Estimate Payback Period
Calculate the time it would take for the savings from a heat pump system to offset the initial investment, giving you a clear picture of long-term benefits.
View Savings Breakdown
Get a detailed breakdown of your potential savings, including monthly and yearly estimates, helping you understand the impact on your budget.
Adjust Energy Costs
Explore how fluctuations in energy costs can affect your savings, allowing you to plan for different scenarios based on future changes.
Compare Different Heat Pump Models
Input data for multiple heat pump models to compare their energy efficiency and potential savings, helping you make an informed decision.
Include Installation Costs
Factor in installation costs along with energy savings to get a comprehensive view of the overall investment and returns of a heat pump system.
Account for Seasonal Variation
Adjust your energy usage based on seasonal variations to see how a heat pump system can provide consistent savings throughout the year.
Save and Share Results
Save your calculation results to refer back to later or share them with others to showcase the benefits of using a heat pump system.
Get Recommendations
Receive personalized recommendations based on your input data to optimize your savings potential with a heat pump system tailored to your needs.