Electrifying most fossil-fuel-burning applications provides a pathway to achieving cost-effective deep decarbonization of the economy.
Heat pumps offer a feasible and energy-efficient way to electrify space heating. This recent US study shows how the property price premium associated with air source heat pump installations across 23 states in the United States.
Residences with an air source heat pump enjoy a 4.3–7.1% (or US$10,400–17,000) property price premium on average.
Residents who are environmentally conscious, middle class and live in regions with mild climate are more likely to pay a larger price premium. The study found that estimated price premiums are larger than the calculated total social benefits of switching to heat pumps.
The news is great and a further encouragement to use heat pump technology to lower carbon intensity of the home, save money and now add value to the property based on this study.