Oxford study proves heat pumps triumph over fossil fuels in the cold::Published Monday in the scientific journal Joule, the research found that heat pumps are two to three times more efficient than their oil and gas counterparts, specifically in temperatures ranging from 10 C to -20 C.
You just contradicted yourself… what did you mean here?
Electricity is 3x the cost of gas, so unless the heat pump has the COP of 3 or above it is more expensive to run. Once you factor in the high cost of installation people aren’t installing these things to save money.
It’s not a contradiction if you put my whole sentence. When it is really cold, a heat pump will be more expensive than a gas boiler. But over a full winter (hence “overall”), the period where it is more efficient make up for it, especially since that when it is bad, it is not that bad.
But you are right to mention the high cost of heat pumps. I would not advise anyone to get a heat pump with a goal of saving money, the return on investment is slow and rather small.
I don’t agree with generalizing that ROI is slow and small. There are too many variables here specific to each market, location, and home. Someone with an old propane or oil boiler that is already planning to buy a new AC will absolutely see massive ROI going with a heat pump. In the US, federal standards will make furnaces more expensive (condensing only soon) and heat pump costs can be heavily subsidized. I bought a new HP that was cheaper than my neighbors new AC/furnace after incentives, and my running costs will be lower.