Business
Should You Get a Heat Pump? Take Our 2-Question Quiz.
Heat pumps are the future of home heating. They’re essentially two-way air-conditioners that use electricity to heat in the winter — as well as cool in the summer — and are typically far more efficient than other systems. They reduce household greenhouse gas emissions significantly.
They may also save you money on your monthly bills if you own a home. Answer just two questions below and we’ll give you a rough estimate:
What do you heat with currently?
Where do you live?
Answer the two questions and we’ll see how much you can save. Or, keep reading.
Don’t know what a heat pump is? You may already have seen one. It looks a lot like a typical air-conditioner, with a big box that sits just outside a house; inside, you might see small boxes mounted to the wall, or a single large indoor unit, out of sight, connected to vents.
In winter, heat pumps transfer heat from outside to inside. (Even in very cold temperatures, it’s still possible to extract heat from the air outside.) In summer, they do the opposite.
Because of how efficiently they do this, heat pumps are a critical piece of the green energy transition: One estimate suggests putting a heat pump in every home could reduce U.S. emissions by 5 to 9 percent.
They’re expensive to install but often qualify for subsidies. And they can save some homeowners hundreds or thousands of dollars each year by lowering their utility bills, for both heating and cooling.
But that’s not yet true for everyone, everywhere.
Share of households that would…
These numbers, and the information in the quiz above, come from a New York Times analysis that combines data on fuel and electricity costs around the country with estimates of how much energy it takes to heat many different kinds of houses, from research done by the National Renewable Energy Laboratory.
More than 80 percent of U.S. households would probably see their bills go down if they installed a heat pump.
But the rest would probably end up with higher bills — mostly people who use natural gas right now, given its low cost.
Nearly all households heating with propane, fuel oil or older electric forms of heating would save money by switching to a heat pump, but only about two-thirds of those currently on natural gas would.
How you currently heat is one major factor in your potential savings; the others are where you live and how the cost of electricity compares with other fuels in your area.
For households that currently heat with expensive fuels like propane and fuel oil, a heat pump is almost always a good bet. This is why Maine, which relies on fuel oil, has become a big adopter.
And a heat pump is significantly more efficient than electric furnaces or baseboards. The savings are biggest in the parts of the country that stay colder, longer. But there’s money to be saved in the South, too, in both the mild winters and the hot summers: South Carolina and Florida have some of the current highest rates of heat pump usage.
For households that currently heat with less expensive natural gas, however, the financial picture is much more mixed. Whether you save — or lose — depends heavily on your geography. And the savings are often smaller.
In the South, electricity is relatively cheap, and temperatures are mild. That makes switching from natural gas to a heat pump an easier sell. Modern heat pumps work in very cold temperatures, but they operate at their highest efficiency during mild weather.
In colder parts of the country, heat pumps are somewhat less efficient. They also give you central cooling, which can raise prices in the summer if you relied on fans before.
But the biggest problem in the North isn’t the weather — it’s the difference between the cost of electricity and the cost of gas.
On average, a heat pump is three to four times as efficient as a natural gas furnace. That means if electricity is only twice as expensive as natural gas for the same amount of energy, a heat pump is a good deal — as is the case in Georgia. But when electricity is five times as expensive as gas, as in Michigan, it’s a much harder sell.
Ratio of electricity to natural gas cost, for the same amount of energy
These are just averages, and other factors will influence your actual financial picture. For one, prices for both electricity and gas vary a lot within states. Rates in some places can also change depending on the time of day or the season, and some utilities offer lower rates specifically for heat pump customers. We also can’t know exactly how prices will rise or fall next year — we can only make guesses based on previous years’ costs.
Your choice should also take into account how well insulated your house is; whether you have solar panels; the efficiency level of the heat pump you’re considering; and whether you keep your boiler or furnace as a backup in colder temperatures, known as a “dual fuel” setup. Many households even in colder parts of the country, with high electricity costs, could still see savings from a heat pump. These are all things our calculations can’t help you with. The only way to be certain is to ask a contractor. (Ideally more than one.)
How long you’re going to stay in your house is important too: Heat pumps have high upfront costs, sometimes twice as much as that of a new gas furnace. Many states and utilities offer rebates to help: Massachusetts homeowners can get $10,000. (Republicans in Congress ended a federal tax credit that gave $2,000 or more toward a heat pump installation, though heat pumps installed this year still qualify.)
And if you already have central air for cooling, a heat pump is more likely to make financial sense. Installing one may be more expensive than replacing your furnace — or your central air-conditioning — but it can be cheaper than replacing both.
Despite their price tags, heat pumps have outsold furnaces for three years running, according to data from the Air-Conditioning, Heating, and Refrigeration Institute.
Heating units sold in the U.S.
Meanwhile, summers are getting hotter. If you don’t have central air yet, you might want it at some point.
And if you’re thinking about climate change in addition to your finances, switching to a heat pump will cut most houses’ carbon emissions significantly.
Median household emissions reduction from installing a heat pump
In some very cold places, the emission reductions are huge: The median house in Minnesota could emit around five fewer tons of carbon each year by switching to a high-efficiency heat pump, according to modeled data from the National Renewable Energy Laboratory. That’s a greater reduction than if you went car-free for a year (if you drive a gas car). And it’s around one-third of the average U.S. resident’s greenhouse gas emissions in a year.
Paradoxically, some of the places where a heat pump could slash emissions the most — including parts of the Northeast and Midwest — are the places where it could be a financial detriment right now. Still, for some, paying a little extra to reduce their carbon footprint might be worth it.
About the data
Cost calculations use a 2024 dataset from ResStock, a model of the U.S. housing stock by the National Renewable Energy Laboratory (NREL). ResStock contains estimates of the amount of energy it would take to heat and cool houses with an original heating source and with a heat pump. Houses that currently have a heat pump were excluded.
The dataset includes homes that did not have central cooling before the heat pump, which raises costs after the transition. It also relies on weather data collected from 1991 to 2005.
For electricity and natural gas prices, the Upshot used 2023 state-level sales, revenue and customer data from the Energy Information Administration (EIA) and prior NREL research to calculate the cost per unit of energy. For propane and heating oil, the Upshot used EIA data from 2023 on state-by-state prices, or a national average if data was missing.
The Upshot assigned a basic Energy Star heat pump (SEER2 15.2, HSPF2 7.8) to houses in warmer climates and a higher-efficiency cold climate heat pump (SEER2 19, HSP2 9.8) to colder areas. Both have supplemental electric heating.
For county-level results, the Upshot used county-only data when there were at least 50 houses using that fuel in that county, and state-level medians when there were fewer.
Business
Battered by ICE raids, L.A.’s Fashion District desperately needs Black Friday miracle
Lizzie Osorio remembers customers flooding Lion Boots in early May, browsing embroidered shoes and tasseled suede dresses.
Beyoncé had four concerts scheduled in Los Angeles at SoFi Stadium for her Cowboy Carter tour. So the store tucked in Santee Alley, where 24-year-old Osorio works selling cowboy boots and other Western-style clothing, was the perfect stop for fans.
Osorio expected, or perhaps hoped, the store would see similar traffic at the start of the Thanksgiving holiday week.
After the tumult of President Trump’s immigration crackdown, that remains to be seen. Over the summer, several raids in the neighborhood sparked protests. But the mass arrests and fears of deportation turned the Fashion District into a ghost town for several weeks after, with storefronts shuttered and frightened workers staying home.
The story was the same in other business districts that cater to immigrants. Although conditions have improved in recent months, merchants are still feeling the pain and in desperate need of a holiday retail miracle.
Shoppers stroll through the Santee Alley in downtown’s Fashion District where business owners are working to recover from losses caused by recent immigration enforcement.
Local officials and activists are encouraging people to shop on Black Friday and beyond, including by holding a festival over the weekend. But it remains unclear how many will feel safe enough to come out.
Some merchants are “living sale to sale, customer to customer,” said Anthony Rodriguez, president of the Fashion District’s business improvement district, a private group of property owners in the area.
“These aren’t big-box stores,” Rodriguez said. “These are family-owned and, in some cases, generational businesses that more than ever need L.A.’s support. If people can come down and just spend $10 to $15 … that’s how we can make a difference.”
On Monday, Osorio said she made just one sale: a pair of utility boots.
She opened the store at 9:30 a.m. and sold the boots at around 2 p.m. They had been marked down $30 from their typical price of $160 because customers have been so reluctant to spend money, she said.
“We are waiting for the good times,” Osorio said. “Honestly, I felt like it was going to be better this week, but it’s been really, really slow. We just pray and keep the faith. Let’s see what happens.”
Small businesses in the area — which includes the historically vibrant, bustling open-air shopping corridor Santee Alley, known for bargain prices — are looking for ways to recoup some of their losses through holiday sales.
Shoppers stroll along Santee Alley in downtown’s Fashion District. More than half a dozen businesses in the alley and on Santee Street said their sales remained down after the onslaught of federal immigration raids, with some doing better than others.
Foot traffic in the area is back at levels seen before federal immigration raids began in Los Angeles in early June, according to the business improvement district.
But Rodriguez said traffic fluctuates day to day and is “at the mercy” of rumors, at times false, of federal enforcement operations circulated among group chats of merchants and community members.
Such alerts prompt businesses to shut down at a moment’s notice with “people literally running from their stores,” Rodriguez said. He said that, one day, agents from the U.S. Fish and Wildlife Service were conducting an investigation in the area and were confused for Customs and Border Protection officers.
Rodriguez said there are “very valid reasons” to pay attention to alerts but that minimizing their harmful effects is crucial for economic recovery.
Visitors to stores and businesses in the Fashion District dropped dramatically in the week or so after the initial raids on June 6. Foot traffic in the Fashion District dropped 33% while visitors to Santee Alley specifically dropped by 50%, according to the business improvement district.
Rodriguez said it took at least three weeks to recover foot traffic, and even so, vendors are struggling because “people are not spending like they used to.”
And the typical holiday boost has yet to make an appearance, Rodriguez said.
“As of right now, we are not seeing the holiday spike we have seen in previous years,” he said.
In May, the Fashion District saw some 1.98 million visitors, while in June that number dropped to 1.2 million, according to the group. In September, the district saw 1.3 million visitors, far below the the 1.5 million the area saw in the same period last year.
Santee Alley in downtown’s Fashion District where business owners are working to recover from losses caused by recent immigration enforcement.
Pop music blared from open doors on Monday afternoon on Santee Street as the light faded. A smattering of storefronts were closed, but most were open, ready to welcome tourists and local families doing their holiday shopping. Clumps of customers gathered. The alley was lively compared with the weeks after the first summer raids.
Maria Fuertes, 43, and her daughter had prowled the area for more than seven hours, since 9 a.m., shopping for outfits for a December wedding. They had made the more-than-hourlong trek from Eastvale in Riverside County to look for formal dresses and shoes. Fuertes said she often shops in the area around the holidays and that it “feels empty” compared to years past.
“It’s kind of creepy and lonely,” Fuertes said.
More than half a dozen businesses in the alley and on Santee Street told The Times their sales remained down after the onslaught of federal immigration raids, with some doing better than others. A lingerie shop saw a dip but not a severe one, with online sales remaining strong. The owner of an accessories store said business was down 30%, while an employee at a jewelry store said business was down 70%.
A local merchants association known as Somos los Callejones and the Los Angeles Tenants Union partnered with Councilmember Ysabel Jurado to host a street festival Saturday in an effort to attract customers in the lead-up to Black Friday.
According to Jurado’s office, the festival drew some 500 attendees. Vendors set up booths and racks of clothing along Olympic Boulevard between Santee Street and Maple Avenue, which was closed to vehicle traffic. The event featured live music, and organizers raffled off 10 turkeys.
Shoppers stroll along Maple Avenue in downtown’s Fashion District.
The raffling of turkeys highlighted the food insecurity many families in the area are facing, Jurado said in an interview. Some have lost their primary breadwinners to the Trump administration’s deportation efforts, and children have begun to skip school to keep their households afloat.
“Some were so excited to win [turkeys],” Jurado said, adding that the food insecurity “has been really sobering.”
“These are the realities that people are continuing to grapple with,” she said, “as their loved ones have been taken.”
Businesses said they were marketing deals when possible — and emphasizing customer service.
The California Mirage Jewelry Design Center, which is on prime real estate at the entrance to Santee Alley and has been in operation since the 1990s, has been offering 30% off on all items since last week, a promotion that will last through Black Friday.
Carolina Medrano, 38, a store employee who on Monday evening rearranged twinkling gold chains, said that even with the discount, business had been “super slow.”
“I believe everybody is struggling,” said Jessica Morales, 40, an employee at a nearby dress retailer who asked that the store not be named, since she didn’t have permission from her supervisor.
As she used a long pole with a hook to hang a glittery pink dress on a high rack, Morales noted that some customers had become more aggressive in trying to negotiate a lower price, threatening to go to other vendors.
She tries to emphasize the quality and variety of the store’s dresses, and that some other nearby retailers are no longer able to afford to keep their inventory well-stocked.
Some customers talk of quinceañeras being canceled, or their husbands telling them to stay home from parties for fears of raids, Morales said.
“People are trying to save their money. Everyone’s scared to come out,” Morales said. “You have to find a way to connect with customers.”
Women’s attire on display at the corner of Olympic Boulevard and Maple Avenue in downtown’s Fashion District where business owners are working to recover from losses caused by recent immigration enforcement.
The hit to sales in the aftermath of immigration raids comes as the local economy is already suffering, weakened by the rise of e-commerce, tourism disruptions from COVID-19 lockdowns and inflationary and other economic pressures pushing consumers to spend less.
Ilse Metchek, a former president of the California Fashion Assn. who has worked in the industry since the 1950s, said the merchandise sold in Santee Alley had changed in recent years. It shifted from the good-quality excess products of local brands — which were then sold at bargain prices — to imitation or cheap goods often imported from abroad.
Famously, Richard Riordan, who served as mayor of Los Angeles from 1993 to 2001, “took a very publicized walk [through Santee Alley] where he paid $10 for a silk shirt and made a whole big to-do about it,” Metchek said.
The move by then-President Reagan to grant amnesty, giving legal status and a path to citizenship to many immigrants lacking authorization, helped pave the way for a booming fashion economy, she said.
Immigration crackdowns in recent years, regulations that have increased labor costs and China’s manufacturing boom in the early 2000s have created a difficult economy for California fashion brands and workers.
“It’s a pity,” Metchek said. “There’s a clear pattern of why and what has happened here. This is not nuclear physics.”
Gloria Andrade, 53, owns a business selling makeup, accessories and miscellaneous electronics in the Maple Alley Fashion Center in downtown L.A. that has operated for some 25 years. In May, her family opened up a second storefront nearby in Santee Alley, without anticipating the raids and resulting downturn.
A view of the corner of Olympic Avenue and Santee Street in downtown’s Fashion District where business owners are working to recover from losses caused by recent immigration enforcement.
Andrade said the rent for her new location is about $4,500, and that she’s two months behind. Many neighboring businesses are in a similar situation, she said.
“It’s the first day of vacation and nobody came,” she said of the Thanksgiving holiday. “We’ll wait for Christmas to see how it goes.”
Business
Fall Art Auction Quiz: Are You Smarter Than a Billionaire?
In a single week, collectors spent a whopping $2.2 billion on art at New York’s auction houses. While that $236 million Klimt portrait made headlines, plenty of other paintings and sculptures sold for sums that might surprise you.
Can you guess which of these works sold for more?
Note: Listed sale prices include auction fees.
Image credits: “Paradise Pies (VI): Red” via Sotheby’s; “Untitled” via Christie’s; “From our side” via Christie’s; “TAGOMIZOR” via Christie’s; “Blumenwiese (Blooming Meadow)” via Sotheby’s; “Waldabhang bei Unterach am Attersee (Forest Slope in Unterach on the Attersee)” via Sotheby’s; “Cowboy Eating with Shoulder Hole” via Sotheby’s; “Untitled (Cowboy)” via Christie’s; “A Clear Unspoken Granted Magic” via Christie’s; “Sarah” via Phillips; “Modern Painting Triptych II” via Sotheby’s; “Nude with Blue Hair, State I” via Christie’s; “Abstraktes Bild” via Christie’s; “Sunflower V” via Christie’s; “Wall Relief with Bird” via Christie’s; “Hulk (Rock)” via Sotheby’s; “America” via Sotheby’s; gold by MirageC via Getty Images.
Zachary Small contributed reporting. Produced by Josephine Sedgwick.
Business
Fubo TV blasts NBCUniversal for pulling channels
Subscribers of sports streaming service Fubo TV have lost access to channels owned by NBCUniversal in the latest TV distribution dust-up.
Fubo blasted NBCUniversal for its stance during collapsed contract negotiations, resulting in a blackout of NBCUniversal channels just days before Thanksgiving when scores of viewers hunker down for turkey and football. NBC is set to broadcast the Macy’s Thanksgiving Day Parade, the National Dog Show and Thursday night’s NFL game featuring the Cincinnati Bengals battling the Baltimore Ravens. The events also will stream on Peacock.
The blackout, which also includes Bravo, CNBC and Spanish-language Telemundo, affects Fubo’s nearly 1.6 million customers.
The dispute comes a month after NBCUniversal’s rival, Walt Disney Co., acquired the controlling stake of Fubo and folded the smaller sports-centric offering into Disney’s Hulu + Live TV. (Hulu + subscribers still have NBCUniversal channels available because they are covered by a separate distribution contract.)
Fubo customers could also miss NBC’s broadcast of the Macy’s Thanksgiving Day Parade.
(Eduardo Munoz Avarez / Associated Press)
In its Tuesday statement, Fubo alleged that NBCUniversal had refused to give Fubo leeway to offer just a few of its channels — rather than its entire portfolio. Fubo is looking to control costs and designed its product to be a slimmed-down version of a bulky bundle — but one with a heavy complement of sports networks.
Fubo also took issue with NBCUniversal negotiating on behalf of the cable channels that NBCUniversal plans to cast off in January as part of a corporate split.
Legacy cable channels including MS Now (formerly MSNBC), Syfy, CNBC, USA Network and Golf Channel will be form the new publicly traded company, Versant.
“Fubo offered to distribute Versant channels for one year,” Fubo said in its statement, adding that it views most of those networks as “not being worth the cost.”
“NBCU wants Fubo to sign a multi-year deal – well past the time the Versant channels will be owned by a separate company,” Fubo said. “NBCU wants Fubo subscribers to subsidize these channels.”
NBCUniversal, owned by cable and broadband giant Comcast, countered that it had offered Fubo similar terms to those contained in deals struck with other pay-TV distributors — but Fubo balked.
“Unfortunately, this is par for the course for Fubo,” NBCUniversal said. “They’ve dropped numerous networks in recent years at the expense of their customers, who continue to lose content.”
The Nov. 21 blackout came one week after Disney resolved a separate, high-profile dispute with Google’s YouTube TV. That dispute, which resulted in a two-week blackout of Disney-owned channels, including ESPN, for about 10 million YouTube TV customers, hinged on fee increases sought by Disney.
The two companies also tussled over YouTube TV’s desire to offer the ESPN streaming app to its customers at no extra cost.
They reached a compromise, and YouTube came away with authorization to provide some ESPN streaming content.
In September, YouTube TV avoided a similar blackout of NBC channels by making a deal just hours before the deadline.
Disney acquired 70% of Fubo TV in October 2025.
(Justin Sullivan / Getty Images)
Fubo pointed to NBCUniversal’s recent deals with YouTube TV and Amazon Prime Video, which allows those companies to offer NBC’s streaming app Peacock as part of their channel stores. Fubo alleged that NBC refused to give Fubo the same rights.
“Fubo is committed to bringing its subscribers a premium, competitively-priced live TV streaming experience with the content they love,” Fubo said. “That includes multiple content options, including a sports-focused service, that can be accessed directly from the Fubo app. We hope NBCU reconsiders their stance, or we’ll be forced to move forward without them.”
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