Heat Pump Savings Calculator
See how much you could save on heating costs by switching to a heat pump. Enter your current system details to get a personalized estimate.
ESTIMATE ONLY. Actual savings depend on local utility rates, home insulation, system efficiency, and usage patterns.
Frequently Asked Questions
How much can I save with a heat pump?
Annual savings depend heavily on your current heating fuel and climate zone. Homes switching from heating oil or propane in Atlantic Canada or the Northeast typically save $1,500–$3,000/year. Gas-heated homes in moderate climates may save $400–$900/year. Use our calculator with your actual winter bills for a personalized estimate.
Are heat pumps cheaper than gas heating?
It depends on local gas and electricity prices. Heat pumps typically operate at 200–350% efficiency (COP 2.0–3.5) compared to gas furnaces at 80–95% AFUE. In provinces with low electricity rates (Quebec, Manitoba, BC) heat pumps are almost always cheaper. In Alberta and provinces with higher rates, savings depend on your current gas bill.
What is the payback period for a heat pump?
Payback periods range from 3–12 years depending on installation cost, annual savings, and available rebates. Oil or propane replacement in cold climates with federal OHPA rebates ($15,000) plus provincial programs can achieve payback in 3–5 years. Gas replacement in moderate climates without rebates may take 8–12 years.
Do heat pumps work in cold climates?
Yes. Modern cold-climate heat pumps (ccASHP) are rated to maintain 70–100% of their heating capacity at -25°C (-13°F) and can operate as low as -30°C (-22°F). They are widely used across Canada including Alberta, Manitoba, and Atlantic provinces. The COP decreases in extreme cold — typically from 3.5 in mild weather to 2.0–2.3 in very cold conditions — but they remain more efficient than electric resistance heat at virtually all temperatures.
Estimate only. Results use simplified Manual J and fuel cost assumptions based on national averages and EIA 2024 residential electric rate data. CO₂ calculations use EPA eGRID 2023 national average grid emission factor (386 g/kWh). Heating season length is estimated from IECC 2021 climate zone.Actual results may vary significantly based on home characteristics, local fuel prices, utility rate structures, system sizing, and weather.