Heat pumps are so affordable now, that just feels like a poor decision-making rather than an economic hardship. You could finance a heat pump and the savings would pay itself off in a year.
That completely depends on local electricity costs and climate. We get about 4 months of freezing temperatures and when I did some back of the napkin math, a heat pump installation would be cheaper than gas over its lifetime, but it was only by about 10-20%, at a much higher upfront cost.
I'm not an expert so I could've made a mistake somewhere, but my calculations said that the system would have to survive for 10-15 years before it would pull ahead of a new gas boiler.
Yeah it's called apartment living. I hit nearly $350 in Oakland a couple years (and many PG&E rate hikes) ago in a 600 sq ft apartment. Even if I wanted to pay for a heat pump installation it's doubtful the landlord would've been on board.
Last time I did the math, even with a 60% efficient furnace natural gas was cheaper than an electric heat pump. PG&E's electric rates are simply that much more expensive than their natural gas rates. Currently that's up to $0.49/kWh on the most popular rate plan vs $2.49/therm. Keep in mind that the fifth and sixth electric rate hikes of 2024 were just approved today by Newsom's regulatory body and don't factor into the price I quoted.
