According to a January 27 WPTZ-TV Burlington article, these heat pumps, despite their possibly-misleading name, are capable of acting as both heating and cooling units, and offer a much greener solution for regulating the temperature within a dwelling than traditional heating and cooling services.

This is because unlike the heating and cooling systems we use now, heat pumps move heat rather than generating hot or cold air. The pumps can source heat from the outside air, water or even from the earth. They subsequently use much less energy than air conditioners and furnaces, as they don’t have to actually heat or cool the air. And because heat pumps rely on electricity rather than fossil fuels or chemicals, these devices are eco-friendly as well.

WPTZ-TV reports that when heat pumps are used in conjunction with existing home air conditioning systems and furnaces, they can make your home extremely energy-efficient, reducing your heating and cooling bills each month and respecting the environment in the process.

But because heat pumps work best in homes that are located in moderate climates, you’re still going to need your home’s conventional furnace and air conditioner to use in conjunction with the heat pump if you live in a cold or hot part of the country. That shouldn’t be a problem, though — the HVAC industry, which employs 301,123 people and is worth an incredible $71 billion, currently grows at a rate of about 4.1% per year.

According to WPTZ-TV, the federal government is even offering tax credits to individuals who purchase and install a geothermal heat pump by December 31, 2016 through the Energy Star program — just another way that a heat pump can save you money.

So if you’re interested in being a little more environmentally-conscious while saving hundreds of dollars each year on your heating and cooling costs, consider investing in a heat pump.