Should you buy a heat pump or Air conditioner? To answer this you need to know a little bit of statistics about heat pump usage in Canada. Only 6% of entire population in Canada use heat pump. So why government want to give you $5000 Rebate for buying heat pump? Answer is government want to minimize the production of carbon monoxide. Instead of using natural gas furnace for heating your home for most of the time , Government want you use heat pump as much possible to minimize the use of natural gas and thus reduce carbon monoxide emission. Heat pump uses electricity not natural gas. So Government developed a plan called Hybrid Heating which means that when it is too cold outside you should warm up your home using heat pump and when outside is too cold it should automatically switch to GAS furnace to heat up your home . In summer time you can use the same heat pump as AC.
So for most of the home owner buying a 3 Ton 17 SEER or above SEER AC will cost between $4500 to $6500. If you Buy a 17 SEER AC with built in Heat Pump with rebate program it will cost you between $800 to $3000 depends on Brand and Model you will choose to buy. So if you need an AC now you should buy heat Pump if you want to save money in summer while using heat Pump as Air Conditioner.
These is a big investment. If you want cheapest way to replace your ac with heat pump, buy a Heat pump that is made in china that qualifies for rebate. Your final cost after rebate and inspection fees will be $700 yo $800. You will have to Spend $7800 to $7900 and you will get $7100 total rebate. If you want buy a quality brand Heat Pump from Lennox or carrier, you will need to Spend $11000 to $17000, you will get rebate between $5000 to $7100 depends on the specific model you buy. Final cost after rebabte and Fees Spending $8000 to $17000 dollar and getting maximum rebate of $7100 ($5000+$1500+$600) after 5 to six month is a very big financial decision for most home owner.
For most home owner we give 6 months no interest no payment plan so that when rebate comes you can pay it off. Admin cost of financing these large amount of money may be $400 to $800. It will still be financially beneficial for most home owner to buy heat pump with financing than buying a High Efficiency AC.
If you interested to finance the purchase of the Heat Pump, Please call Faisal 905-924-2400