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Is a Heat Pump a Good Choice for your Home?

This calculator estimates the energy savings you might see when you switch from your existing heating system to a heat pump. The savings estimate is based on the information you've provided about your current bill. Heat pumps produce heat more efficiently than many other technologies, thus in most circumstances, they will produce the same amount of heat for less money.

Select Current Heating System
Estimated Monthly Other Bill
For:
Select Air Conditioning System
Estimated Monthly Electric Bill
For:
Home Insulation Levels
New Heat Pump Options
Estimated Installed Cost
Estimated Tax Credit*
Estimated Total Cost
Estimated Annual Savings
No Annual Savings
 Reduction
Current
Operating Cost*

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Heat Pump
Operating Cost*

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Estimated Annual Savings
No Annual Savings
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Estimated carbon emission reduction

Estimated Carbon Reduction
No Reduction
 Reduction


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Estimated Carbon Reduction
No Reduction
 Reduction

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Estimated Carbon Reduction
No Reduction
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Year-over-Year Bill Comparison
While your estimated results may include considerable monthly electric bill savings, it is important to remember that the upfront cost of Heat Pump equipment and installation is significant, whether purchased with cash or financed through a loan. Note: These results can be adjusted to estimate future inflation scenarios using the input field below (Est. Annual Electricity Price Increase).
Click to Expand

*Consumers may qualify for a Federal Tax Credit for qualified products and installations. This is a "credit" taxpayers may receive on their federal tax return. Be sure to consult with a tax professional to determine if you may qualify.

**Iowa Lakes Electric Cooperative is offering a variety of heat pump rebates for qualified installations. Restrictions apply. Program is subject to change without notice. Be sure to contact the cooperative prior to making a purchase to confirm eligibility and to ensure funds are still available.