Heat Pump Cost Calculator

Calculate the costs and savings of installing a heat pump. Compare with your current heating system.

How the Calculator Works

This calculator estimates your heat pump investment returns by considering:

Net cost: Installation price minus available incentives and rebates.
Running costs: Electricity used by heat pump based on your home's heating needs and system efficiency (COP).
Savings: Difference between current heating costs and heat pump operating costs.
Payback period: When cumulative savings equal your net investment.

Analysis covers 15 years and accounts for expected energy price increases.

For a 2,000 sq ft home with $15,000 installation and $3,000 rebate:

How much does a heat pump cost to install?: Heat pump installation typically costs $8,000-$25,000 depending on the type (air source vs ground source), house size, and existing infrastructure. Air source heat pumps are generally cheaper, while ground source systems cost more but offer higher efficiency.
What is COP and why does it matter?: COP (Coefficient of Performance) measures heat pump efficiency. A COP of 3.5 means for every 1 kWh of electricity used, the pump produces 3.5 kWh of heat. Higher COP = lower running costs. Modern heat pumps typically have COP between 2.5-4.5.
How much can I save with a heat pump?: Savings depend on your current heating system and local energy prices. Switching from oil or propane can save 30-50% on heating costs. Switching from gas may save 20-40%. The payback period is typically 5-12 years.