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Rising heating oil prices drive Prince Edward Island residents to install heat pumps

Rising heating oil prices drive Prince Edward Island residents to install heat pumps

By Omayma othmani

Published: October 27, 2022

 

The increase in heating oil (heating oil) prices has driven homeowners in Prince Edward Island to change their heating systems. Several companies specializing in heat pump installation say they are working at full capacity to meet customer demand. “Business is booming, and certainly the rise in heating oil prices has a significant impact,” says Nick Laplante, general manager of “Greenfoot Energy” on the island, adding, “Our peak season is often in the spring, as people mainly contact us for cooling system installations... Then, with the arrival of fall, the (pace of work) starts to slow down until we reach winter. But this fall has been crazy. People, instead of installing one small heat pump at a time, are looking for a heating solution for their entire home.” Also, Laplante believes that people fear they will not be able to afford heating oil this winter. Last February, the price per liter of heating oil was $1.33. On October 15 of this year, the price per liter reached $2.08, an increase of 56.4%. In the same context, the president of “PACE-Atlantic”, Julian Boyle, believes that this shift is inevitable, as his company runs the “Switch Charlottetown” program that offers energy transition grants in Charlottetown, the capital of Prince Edward Island. Additionally, Boyle says that the “Switch” program works with more than 30 contractors on Prince Edward Island and currently has about 350 projects underway in Charlottetown, half of which involve heat pumps. “With this significant increase in heating oil prices, some owners can see a return on their investment in less than two years,” Boyle stated, advising those with heating systems running on heating oil to replace them with others based on heat pump technology. Moreover, Boyle expects the enthusiasm for energy transition to heat pumps to continue for several more years. Prince Edward Island, in eastern Canada, is the smallest of the ten Canadian provinces.

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