Heat Pump Cost Calculator
Compare the annual running cost of a heat pump (COP-based) against a gas furnace using your own energy tariffs.
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Currency: Amounts are calculated in the currency you select; this site does not convert between currencies and does not use live exchange rates.
What this tool does
Compare the annual running cost of a heat pump (COP-based) against a gas furnace using your own energy tariffs. Uses one seasonal-average COP and constant tariffs. Auxiliary heat, defrost cycles, duct losses and standing charges are not modelled.
How to use the Heat Pump Cost Calculator
- Enter or select annual heating load delivered (mmbtu).
- Enter or select heat pump seasonal cop.
- Enter or select electricity price per kwh.
- Enter or select gas price per therm.
- Enter or select furnace efficiency (%).
- Read the calculated result; change any measurement to compare alternatives.
Formula
heat pump kWh = MMBTU × 293.07 ÷ COP; furnace therms = MMBTU × 10 ÷ (efficiency/100); cost = energy × your tariff
- load
- Annual heating load delivered (MMBTU)
- cop
- Heat pump seasonal COP
- elecRate
- Electricity price per kWh
- gasRate
- Gas price per therm
- furnaceEff
- Furnace efficiency (%)
Uses one seasonal-average COP and constant tariffs. Auxiliary heat, defrost cycles, duct losses and standing charges are not modelled.
Worked example
For heat pump cost calculator, the following measurements illustrate the exact method: Annual heating load delivered (MMBTU): 50; Heat pump seasonal COP: 3; Electricity price per kWh: 0.16; Gas price per therm: 1.5; Furnace efficiency (%): 85.
Inputs
- Annual heating load delivered (MMBTU)50
- Heat pump seasonal COP3
- Electricity price per kWh0.16
- Gas price per therm1.5
- Furnace efficiency (%)85
Result
- Heat pump annual cost$781.52
- Furnace annual cost$882.35
- Annual saving with heat pump$100.83
- Heat pump electricity (kWh/year)4,884.52
- Furnace gas use (therms/year)588.24
Results explained
- Heat pump annual cost
- Heat pump annual cost from the formula above. Uses one seasonal-average COP and constant tariffs. Auxiliary heat, defrost cycles, duct losses and standing charges are not modelled.
- Furnace annual cost
- Furnace annual cost from the formula above. Uses one seasonal-average COP and constant tariffs. Auxiliary heat, defrost cycles, duct losses and standing charges are not modelled.
- Annual saving with heat pump
- Annual saving with heat pump from the formula above. Uses one seasonal-average COP and constant tariffs. Auxiliary heat, defrost cycles, duct losses and standing charges are not modelled.
- Heat pump electricity (kWh/year)
- Heat pump electricity (kWh/year) from the formula above. Uses one seasonal-average COP and constant tariffs. Auxiliary heat, defrost cycles, duct losses and standing charges are not modelled.
- Furnace gas use (therms/year)
- Furnace gas use (therms/year) from the formula above. Uses one seasonal-average COP and constant tariffs. Auxiliary heat, defrost cycles, duct losses and standing charges are not modelled.
Frequently asked questions
Electricity used = annual heat delivered ÷ COP. Heat delivered is converted from MMBTU to kWh (×293.07); at COP 3 a home needing 50 MMBTU a year uses about 4,885 kWh.
Coefficient of performance: units of heat delivered per unit of electricity. A COP of 3 means 1 kWh of electricity moves 3 kWh of heat into the house. COP falls as outdoor temperature drops, so use a seasonal average (sometimes labelled SCOP or HSPF-derived).
Furnace input fuel = heat delivered ÷ efficiency. At 85% efficiency, delivering 50 MMBTU needs 50 × 10 ÷ 0.85 ≈ 588 therms of gas.
Your own marginal prices: electricity per kWh and gas per therm from your latest bills, including delivery charges if you want a true comparison. No tariff database is used.
No. The winner depends on the electricity-to-gas price ratio and the seasonal COP in your climate; in very cold weather a heat pump may switch to auxiliary resistance heat at COP 1, which this annual-average model smooths over.