We own a apartment in NE US, that we bought around 2 year ago. All the heating & cooling for the apartment is electric and is done using a heat pump that is 15+ years old. Over the last 2 years our average monthly bills have started going upwards of $100. In the recent cold wave, we hit the $200 mark per month for the 1st time. Due to this I have been trying to read about replacing our heat pump with a new one to reduce the monthly bills, but I am not able to find any site that could show me recommendations based on our apt size or monthly bills. Also, how can I calculate the amount of time that we would need to recoup the cost of replacement.
Is there any other options other than replacing the heater that could help us reduce the electric bill?