Here are 5 vital things you need to know about heat pumps
Electrek spoke with Heidi Gehring, associate director, cooling product marketing at Carrier HVAC, about the five essential things to know about this energy-efficient, cost-effective way to heat and cool a home.
Electrek: What’s a heat pump and how does it work?
Heidi Gehring: A heat pump is often mistaken for an air conditioner at first glance. What makes it different from an air conditioner is that it can both heat and cool your home using electricity and refrigerant.
In cooler months, heat is pulled from the outdoor air and transferred indoors; in warmer months, the system pulls heat out of the indoor air. Heat pumps have both an indoor and outdoor component. Each unit contains a fan and coil that operates either as a condenser (in cooling mode) or an evaporator (in heating mode). The fan moves the air across the coil and throughout the ducts in the home.
Electrek: Do heat pumps save you money, and what kinds of cost savings can be expected?
Heidi Gehring: Because heat pumps are more energy efficient, they can save you money on your heating and cooling bills. Your savings will vary based on the model you select.
Heat pumps are rated by their Heating Seasonal Performance Factor (HSPF2) – which is a measure of a heat pump’s overall energy efficiency during the heating season – their Seasonal Energy Efficiency Ratio (SEER2), and their Energy Efficiency Ratio (EER2). The higher the rating, the more energy-efficient the system.
Additionally, the US government’s Inflation Reduction Act of 2022 includes incentives for the installation of high-efficiency home heating and cooling products, including up to a $2,000 tax credit for high-efficiency heat pumps and up to 30% for geothermal heat pump systems placed in service between 2022 and 2032. Look into local and state programs, too, as many utilities and local governments offer heat pump rebates.
Electrek: Why is a heat pump better for the environment?
Heidi Gehring: Heat pumps rely on electricity rather than fossil fuels, making them a much greener choice. Improvements in technology in recent years also mean that heat pumps are more efficient than ever, requiring less electricity than older heaters, furnaces, and air conditioners.
Geothermal heat pumps are also available – they pull energy directly from the earth to heat or cool your home and can result in up to 70% savings on your energy bill.
Electrek: What features should you consider when comparing different models?
Heidi Gehring: Heat pumps vary in the number of stages or speeds they offer. Different speeds or stages can affect your comfort and the consistency of indoor temperature. Humidity plays a major role but is often overlooked. Two-stage and variable-speed offer better control because they operate for a longer period of time at lower speeds and use less energy. These pull more humidity out of the air than models with a single-stage compressor.
Variable-speed and two-stage models are generally quieter than single-stage models, and because they run longer, that means the air is run through the filter more, so it has less chance of becoming stagnant.
Electrek: When is the best time of year to install a heat pump?
Heidi Gehring: Usually in the spring or fall. During the coldest winter months and hottest summer months, demand for systems and technicians increases, so you may experience longer wait times and higher prices. Make sure you hire a professional. HVAC systems of any kind require expert knowledge for installation and are not a good DIY project.
If you’re switching from a traditional HVAC system to a heat pump, you may also need electrical upgrades. A professional HVAC installer can help you with that as well.
Read more: This award-winning apartment heat pump can fit under a kitchen sink
Photo: Carrier HVAC
Heidi Gehring is the associate director, cooling product marketing at Carrier HVAC. She joined Bryant in 2017 as the quality manager for warranty, data analytics, and field service technology. In 2019, she moved into product marketing. She holds a bachelor’s degree in industrial and systems engineering from the University of Wisconsin Madison and an MBA from Purdue Global.
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British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.
Nurphoto | Nurphoto | Getty Images
British oil giant BP on Tuesday posted slightly weaker-than-expected first-quarter net profit, following a recent strategic reset and a slump in crude prices.
The beleaguered oil and gas major posted underlying replacement cost profit, used as a proxy for net profit, of $1.38 billion for the first three months of the year. That missed analyst expectations of $1.6 billion, according to an LSEG-compiled consensus.
BP’s net profit had hit $2.7 billion a year earlier and $1.2 billion in the final three months of 2024.
The results come as the energy major faces fresh pressure from activist investors less than two months after announcing a strategic reset.
Seeking to rebuild investor confidence, BP in February pledged to slash renewable spending and boost annual expenditure on its core business of oil and gas.
BP CEO Murray Auchincloss told CNBC’s “Squawk Box Europe” on Tuesday that the firm was “off to a great start” in delivering on its strategic reset.
“We had a great operational quarter. We had our highest upstream operating efficiency in history. Our refineries in the first quarter ran at the best they’ve run in 24 years. We had six exploration discoveries in a row, which is really unusual and we started out three major projects,” Auchincloss said.
For the first quarter, BP announced a dividend per ordinary share of 8 cents and a share buyback of $750 million.
Net debt rose to $26.97 billion in the January-March period, up from $22.99 billion at the end of the fourth quarter. BP had previously warned of lower reported upstream production and higher net debt in the first quarter, when compared to the final three months of last year.
Shares of BP fell 3.3% on Tuesday morning. The firm is down roughly 8% year-to-date.
Activist pressure
BP’s green strategy U-turn does not appear to have gone far enough for the likes of activist investor Elliott Management, which went public last week with a stake of more than 5% in the London-listed firm.
The disclosure makes the U.S. hedge fund BP’s second-largest shareholder after BlackRock, the world’s largest asset manager, according to LSEG data.
Elliott was first reported to have assumed a position in the oil and gas company back in February, driving a share price rally amid expectations that its involvement could pressure BP to shift gears back toward its oil and gas businesses.
BP’s Auchincloss declined to comment on interactions with investors when asked whether the firm was under pressure from the likes of Elliott to go beyond the plans announced in its February pivot.
Notably, BP suffered a shareholder rebellion at its annual general meeting earlier this month. Almost a quarter (24.3%) of investors voted against the re-election of outgoing Chair Helge Lund, a symbolic result that reflected a sense of deep frustration among the firm’s shareholders.
Mark van Baal, founder of Dutch activist investor Follow This, told CNBC last week that he hoped the shareholder revolt means Amanda Blanc, who is leading the process to find Lund’s successor, will look for a new chair who is “climate competent” and “will not respond to short-term activists so quickly.”
Lund is expected to step down from his role next year.
Takeover candidate
BP’s underperformance relative to industry peers such as Exxon Mobil, Chevron and Shell has thrust the energy major into the spotlight as a prime takeover candidate. Energy analysts have questioned, however, whether any of the likeliest suitors will rise to the occasion.
BP’s Auchincloss on Tuesday said that he wouldn’t speculate on whether the company is a takeover target, but confirmed the oil major had not asked for any sort of protection from the British government.
“What I will say is we’re a strong, independent company and we’ve got sector-leading growth. And if we can deliver the sector-leading growth, and the first quarter is a fantastic example of that, then I have no concerns. I think we’re going to do great,” Auchincloss said.
Murray Auchincloss, chief executive officer of BP, during the “CERAWeek by S&P Global” conference in Houston, Texas, on March 11, 2025.
Bloomberg | Bloomberg | Getty Images
Oil prices have fallen in recent months on demand fears. International benchmark Brent crude futures with June delivery traded at $65.19 per barrel on Tuesday morning, down more than 1% for the session. That’s lower from around $84 per barrel a year ago.
Asked whether weaker crude prices could put the some of the firm’s reset plans in jeopardy, Auchincloss said, “Not really. We have a balance of products that we think about that generate revenue for us. So, oil, natural gas and refined products as well.”
— CNBC’s Ruxandra Iordache contributed to this report.
Germany’s largest offshore wind farm under construction, EnBW’s He Dreiht, just hit a big milestone: The first enormous turbine is now up in the North Sea.
He Dreiht – which means “it spins” in Low German – is using Vestas’s massive 15 megawatt (MW) turbines, the first project in the world to install them. Just one spin of one of the rotors can generate enough electricity to power four households for an entire day.
When it’s finished, He Dreiht will have 64 mega turbines cranking out 960 megawatts (MW) of clean power – enough to supply around 1.1 million homes. And it’s being built without any government subsidies.
EnBW, one of Germany’s major energy companies, has been working in offshore wind for more than 15 years, but He Dreiht is their biggest project yet. “It will play a key role in helping us to significantly grow our renewable energy output from 6.6 GW to over 10 GW by 2030,” said Michael Class, who heads up EnBW’s generation portfolio development.
The project is a win for Vestas, too. “With the installation of the first V236-15.0 MW, we have reached an important milestone for both the He Dreiht project and our offshore ramp-up, which helps Germany build a more secure, affordable, and sustainable energy system,” said Nils de Baar, president of Vestas Northern & Central Europe.
He Dreiht is located about 85 kilometers (53 miles) northwest of Borkum and 110 kilometers (68 miles) west of Helgoland. At peak times, more than 500 workers will be out at sea building the farm, using a fleet of more than 60 ships. EnBW’s offshore team in Hamburg is running the show.
The installation process is a major operation. The 64 foundations were already set in the seabed last year. Parts for the turbines are loaded onto the installation vessel Wind Orca in Esbjerg, Denmark, and shipped out in a 12-hour journey to the construction site. From there, the turbines are lifted into place. Meanwhile, crews are also working on internal wind farm cabling.
A partner consortium made up of Allianz Capital Partners, AIP, and Norges Bank Investment Management owns 49.9% of the shares in He Dreiht.
Read more: Trump admin halts $5 billion NY offshore wind project mid-build
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Tesla has released a quick update about its Tesla Semi factory in Nevada. It says that it is on track for volume production of the electric semi truck in 2026.
The Tesla Semi was first scheduled to go into production in 2019, but it has faced numerous delays.
Now, it appears that there is finally some momentum to bring it to volume production.
For the last two years, Tesla has been working to build a new factory next to Gigafactory Nevada, where it builds the battery packs and drive units for most of its electric vehicles built in North America.
Today, Tesla released a “progress update on the factory, confirming that it finished building and it’s now working on deploying the production lines:
Tesla had previously mentioned aiming for volume production by 2025, but it is now only talking about starting production toward the end of the year and ramping up next year.
The automaker reiterated its planned production capacity of 50,000 units.
We recently reported that an early Tesla Semi customer, Ryder, stated that the electric truck program is experiencing more delays and a price increase described as “dramatic.”
They now expect to take deliveries of their first trucks later in 2026 and said that the price has increased “dramatically,” leading them to scale back their pilot program from 42 to 18 Tesla Semi trucks.
When originally unveiling the Tesla Semi in 2017, the automaker mentioned prices of $150,000 for a 300-mile range truck and $180,000 for the 500-mile version. Tesla also took orders for a “Founder’s Series Semi” at $200,000.
However, Tesla didn’t update the prices when launching the “production version” of the truck in late 2022. Price increases have been speculated, but the company has never confirmed them.
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