Thinking about swapping a furnace or electric heat for a heat pump? This gives you a rough side-by-side of yearly heating cost. Fuel prices swing a lot, so use your own rates from your bills if you have them.
A rough estimate of heating cost only. The heat your home needs is estimated from size and climate (about 15,000–55,000 BTU per square foot per year). Heat pump seasonal efficiency is HSPF2 ÷ 3.412. In very cold weather a heat pump uses backup heat, so real savings in cold climates are usually smaller. That's why many people pair a heat pump with a gas furnace (dual fuel).
How to read the result
If you heat with electric strips or baseboard, a heat pump almost always wins by a wide margin, because it moves heat instead of making it. Against propane or heating oil it usually wins too.
Natural gas is the close call. With cheap gas and pricey electricity, a heat pump can cost about the same or more to run in cold weather. That’s where a dual fuel system makes sense: the heat pump handles mild days and the gas furnace takes over when it gets cold. Take a look at our heat pump and furnace systems.
A few honest caveats
- The heat your home needs is estimated from square footage and climate. Insulation, windows and duct leaks can move it a lot in either direction.
- In very cold weather a heat pump leans on backup heat, so real savings in cold climates are usually smaller than the estimate.
- This covers heating only. A new heat pump also replaces your air conditioner, and the SEER2 savings calculator covers the cooling side.
Want to learn more first? Read what a heat pump is and what one costs, browse heat pump systems, or call (877) 843-4822.