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Yes depending on electrical rates in your area , but you will need a backup system to provide heat when the outdoor temps get below 35* or so where a heat pump is ineffective. This is commonly called a Dual Fuel system. Many people do this.

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Q: Is a heat pump cheaper to run than a oil heater?
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A properly installed heat pump uses about one third of the electrical energy to produce the same amount of heat.


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Does running the pool heater at night save money?

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