Thesis
The economics of heat pumps: review and meta-analysis
Master of Science (M.S.), Drexel University
Sep 2026
DOI:
https://doi.org/10.17918/00011595
Abstract
Building heating is a major source of greenhouse gas emissions, making the transition to low-carbon technologies an important component of building decarbonization efforts. Heat pumps offer a promising alternative to conventional combustion-based heating systems because of their high energy efficiency and potential for emissions reduction. This study evaluates the economic feasibility of heat pumps through a systematic review of published literature and a comparative analysis of lifecycle costs. Sixteen peer-reviewed studies were selected from an initial pool of 823 records, data extracted and standardized using a common economic framework. The results indicate that heat pumps generally reduce energy consumption compared to combustion-based systems, but their economic performance varies significantly with climate conditions, energy prices, building characteristics, and installation costs. The findings demonstrate that while heat pumps can be both environmentally and economically advantageous, their viability is highly dependent on site-specific factors. These results provide insights for policymakers, engineers, and building owners seeking cost-effective strategies for building decarbonization.
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Details
- Title
- The economics of heat pumps
- Creators
- Emily R. Simkovich
- Contributors
- Patrick L. Gurian (Advisor)
- Awarding Institution
- Drexel University
- Degree Awarded
- Master of Science (M.S.)
- Publisher
- Drexel University
- Number of pages
- viii, 138 pages
- Resource Type
- Thesis
- Language
- English
- Academic Unit
- Nick Howley College of Engineering and Computing; Mechanical Engineering and Mechanics; School of Engineering; Drexel University
- Other Identifier
- 991022233844104721