Going green: Switching from oil or propane to electric heat can often save money
To achieve the common and ambitious worldwide goal of reducing greenhouse gas emissions 80% or more by 2050, analyses find that consumers and businesses will need to use a combination of energy efficiency and carbon-free electricity (e.g., electricity from renewable resources, nuclear) or low-carbon electricity (efficient fossil fuel use with carbon capture and storage) for transportation, space heating, and water heating (see here and here). But does electrification save money for homeowners considering making the switch? Our new study, Energy Savings, Consumer Economics, and Greenhouse Gas Emissions Reductions from Replacing Oil and Propane Furnaces, Boilers, and Water Heaters with Air-Source Heat Pumps looks at that particular question. The report finds that replacing oil and propane furnaces, boilers, and water heaters with high-efficiency electric heat pumps can often reduce total energy use and energy bills and will also reduce emissions in many cases.
