Heating oil is one of the most expensive heating fuels in the US, requiring millions of households to spend more than $2,000 annually for heat. Replacing all or some oil-powered heating equipment with modern two-way heat pumps can cut greenhouse gas emissions, reduce household heating and cooling costs, and increase comfort.
This paper explores two opportunities for heat pump retrofits for oil heating equipment in the US and the costs and benefits of each based on a 2021 CLASP analysis, with updates to reflect December 2021 prices.
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