Will a Heat Pump Save Money?

Is using a heat pump cheaper than other sources of heat?

Enter price per unit and select unit.
Enter currency of existing fuel price.
Cost of having service available.
For example 95%
Enter price per kWh (including Delivery, Transmission, Line Loss Adjustment, etc) in the same unit as fuel cost.
Enter currency.
Seasonal energy efficiency ratio.
Heat pump specification used to calculate cooling output.
Heat pump specification used to calculate heat output.

Cooling from the heat pump will cost

Heat from the heat pump will cost

The heat pump is cheaper as long as the COP is larger than

Check at which temperature the heat pump has a larger COP.

You can see performance of units on the NEEP Heat Pump List https://ashp.neep.org/.

But that's per unit of heat, how much heat do I need? How much will I actually save?

This is using the same unit as selected above.
The amount of heat the building loses every hour at the design temperature. Or the amount of heat that needs to be produced every hour at the design temperature. Design temperature is the coldest temperature that will be seen for 1% of the year or 88 hours on average. 99% of the time it will be warmer than this.

Hourly Savings:

Monthly Savings:

Month Average Temperature (°C) Average Temperature (°F) Heating?
January
February
March
April
May
June
July
August
September
October
November
December
Temperature data is from https://www.kaggle.com/datasets/swapnilbhange/average-temperature-of-cities

Number of Heating Months:

Yearly Savings:

Cost to install heat pump.
Cost to install other heating source (ex. furnance).

After years the cost of the heat pump will break even, after that you are saving money. Will the heat pump last that long?

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