HeatSmart Savings – 2000 sq ft home, oil heat

There are four steps to the complete HeatSmart program:

  • HES audit
  • Insulation upgrades
  • Heat pump installation
  • Solar panel installation

The program takes advantage of the many rebates and financing incentives that are available to you. You can quit after any step but you will likely be leaving money on the table.

We have run the numbers for four typical homes and here are the results for:

Example 1 – A 2000 square foot home heated by oil.
The Takeaway:

  • The Home Energy Solutions (HES) visit costs you nothing and will typically save $300 per year
  • You can get $4,724 worth of insulation for $418 per year after rebates for a net savings of nearly $400 per year for the life of the loan, and $818 every year after that.
  • After accounting for your rebate and favorable financing a new, $10,000, Heat Pump will pay for itself and save an additional $147 per year.  If you need to replace an old furnace this is even more attractive.

To get started just click here: I’m Interested

Work PerformedTotal
($/Year) (1)
Net (2)
Home Energy Solutions
– – Free Services$1,400
Attic Insulation$2,570
– – Rebate$2,200
– – Cost After Rebate$370$46$102$56
Cellar Rim Joist Insulation$334
– – Rebate$286
– – Cost After Rebate$48$6$39$33
Basement Ceiling Insulation$1640
– – Rebate$1640
— Cost After Rebate $0$0$304$304
– – – – Total Insulation$418$52$445$393
Heat Pump$10,000
– – Eversource Rebate$3,500
– – 22% Federal Rebate$2,200
– – Cost After Rebate$4,300$452$599$147
– – – – Total Costs $4,718$504$1,294$791
(1) Insulation is financed at 6.99% for 12 years
The heat pump is financed through CT Greenbank at 0.99% for a term of 10 years
(2) Net savings = Fuel Savings – Finance cost. This is the “profit” you make while you are paying off the loan. When the loan is done you keep all the savings.