Electricity prices are rising faster than inflation in many parts of the country — and that’s changing how contractors talk about heat pumps. But despite the headlines, industry experts say higher electric rates aren’t slowing adoption. In fact, heat pumps continue to outsell furnaces nationwide, even as electricity costs climb. That’s because electricity isn’t the only thing getting more expensive. Natural gas rates are up nearly 40% since 2019, and aging gas infrastructure is setting the stage for even higher costs ahead. Against that backdrop, heat pumps are increasingly being positioned as a long-term affordability play — not just a sustainability upgrade.

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