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Switching from fossil fuel-burning furnaces to electric heat pumps is part of ... a new oil furnace costs $4,300 to $9,200. Heat pumps do, however, eliminate the need to also buy an air ...
In general, heat pumps work most efficiently (that is, the heat output produced for a given energy input) when the difference between the heat source and the heat sink is small. When using a heat pump for space or water heating, therefore, the heat pump will be most efficient in mild conditions, and decline in efficiency on very cold days.
In the United States, the efficiency of air conditioners is often rated by the seasonal energy efficiency ratio (SEER) which is defined by the Air Conditioning, Heating, and Refrigeration Institute, a trade association, in its 2008 standard AHRI 210/240, Performance Rating of Unitary Air-Conditioning and Air-Source Heat Pump Equipment. [1]
Electrical heating systems occur less commonly and are practical only with low-cost electricity or when ground source heat pumps are used. Considering the combined system of thermal power station and electric resistance heating, the overall efficiency will be less than for direct use of fossil fuel for space heating. [1]
The COP usually exceeds 1, especially in heat pumps, because instead of just converting work to heat (which, if 100% efficient, would be a COP of 1), it pumps additional heat from a heat source to where the heat is required. Most air conditioners have a COP of 2.3 to 3.5. [4] When talking about the efficiency of heat engines and power stations ...
The levelized cost of electricity (LCOE) is a metric that attempts to compare the costs of different methods of electricity generation consistently. Though LCOE is often presented as the minimum constant price at which electricity must be sold to break even over the lifetime of the project, such a cost analysis requires assumptions about the value of various non-financial costs (environmental ...
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