Government Aims to Replace Oil Furnaces with Heat Pumps, Increasing Electricity Usage

The federal government is planning on restricting the use of oil-fired furnaces in new construction and encouraging homeowners and businesses to switch to heat pumps with the help of investment and regulations. The program will start with the ban on heating oil in new construction, as there are many alternatives to it.

Compared to oil furnaces, heat pumps use less energy and are less susceptible to fluctuations in the global price of oil. On the other hand, heat pumps come with high upfront costs, with an average initial cost of $18,400. Switching from fossil fuels to electric heat pumps will result in higher electricity usage, while current electricity is rising and expected to rise for the foreseeable future.

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