Heat pump cost calculator
Compare the running cost of your current heating with a heat pump and see how long the installation could take to pay back.
Your estimate
Annual running-cost saving
-$81
- Current heating cost per year
- $1,011
- Heat pump running cost per year
- $1,091
- Heat delivered per year
- 18,000 kWh
- Heat pump electricity use
- 6,000 kWh
- Cost after grants
- $15,000
- Simple payback
- Does not pay back
Estimates for planning only — not a quote, survey or financial advice.
Sources for the pre-filled values — United States
- U.S. EIA — Electric Power Monthly, Table 5.6.B, average residential price (U.S. total) · Year to date through August 2026 (preliminary) · accessed 2026-11-06
- U.S. EIA — Natural gas prices, residential price (U.S.), $15.34 per thousand cubic feet · 2025 annual average · accessed 2026-11-06 · Converted at ≈1,036 Btu per cubic foot (1,000 ft³ ≈ 303.6 kWh).
How this is calculated
Formula
- Heat delivered = fuel used × current efficiency
- Heat pump electricity = heat delivered ÷ SCOP
- Annual saving = current fuel cost − heat pump electricity cost
- Payback = (installation cost − grants) ÷ annual saving
Assumptions
- Enter fuel use in kWh: 1 US therm ≈ 29.3 kWh, 1 litre of heating oil ≈ 10 kWh, 1 m³ of natural gas ≈ 10–11 kWh (check your bill).
- SCOP depends on the model, the flow temperature and the climate; well-designed systems with low flow temperatures do better.
- Standing charges, servicing and the cost of replacing your existing boiler are not included.
- A negative saving means the heat pump costs more to run at these prices.