What is a heat pump and how does it work?

There are so many benefits to owning a heat pump, the first being efficiency. According to the Energy Efficiency Council, heat pump systems can deliver heat at up to 300% efficiency, whereas a gas furnace delivers heat between 80% and 98% efficiency. The amount of money you can save with a heat pump split system when compared to a gas furnace is incredible.
Most people are familiar with the term heat pump. Millions own one, but ask them to explain how it works, and the great majority would shrug their shoulders. A heat pump is an energy efficient way to cool your home in the summer and heat it in the winter. We often get the question of what is a heat pump and is it right for my home?