Heat pump cost calculator

Calculate how much you could save by switching to a heat pump

Use our heat pump cost calculator to calculate the approximate savings on your annual home heating costs by switching from natural gas or baseboard heaters to a heat pump powered by water.

This tool is for illustrative purposes only. Actual savings may vary. There are a number of factors to consider when looking to purchase a heat pump, including its Heating Season Performance Factor (HSPF), Coefficient of Performance (COP), and Seasonal Energy Efficiency Rating (SEER) that will impact its performance and your potential savings. Learn more about what to look for when purchasing a heat pump. 

Your home’s insulation is also an important factor in the efficiency of any home heating system. If you live in an older home, you may want to consider upgrading your insulation to help you get the most out of your new heat pump.

Get started

Answer the below questions to calculate the approximate savings on your home heating costs by switching to a heat pump.

Ready to make the switch?

Rebates are available to help make the switch from a natural gas furnace or electric baseboards to a heat pump.

See available rebates

Assumptions used for savings calculations

This tool relies on the following assumptions for its calculations:  

• The actual energy costs and savings will vary depending on your home's age, size, insulation level, thermostat settings, and any supplementary heating sources.
• The square footage of each home type is based on the mean home size of an average BC Hydro customer that lives in that type of home.
• The amount of energy consumed by each home type is based on BC Hydro’s mean electricity consumption data of a typical BC Hydro customer that lives in that home type.
• The cost of heating a home with a natural gas furnace is based on the average annual consumption in B.C. according to StatCan. Assuming furnace heating accounts for 60 percent of annual consumption and further refining by home type, furnace efficiency and region.
  
• Calculations assume that the heat pump is meeting all of the home’s heating load with no supplementary heating source.
• The heat pump Coefficient of Performance (COP) for each region is based on Natural Resources Canada data for Higher Efficiency Heat Pump (HSPF equal to or greater than 11.5) and Standard Efficiency Heat Pump (A heat pump with an HSPF of 10 or 11):
  • Lower Mainland, Fraser Valley, and South Coast: 2.68 / 2.33 COP
    
  • Vancouver Island, Sunshine Coast, and Gulf Island: 2.86 / 2.49 COP
    
  • Southern Interior: 2.30 / 2.00 COP
    
  • North and Central Interior: 2.04 / 1.77 COP
    
• Energy costs (electricity and natural gas) are calculated based on BC Hydro and FortisBC rates as of April 1, 2023.
  • The FortisBC rate includes the price of carbon or the “Carbon Tax” in the cost of natural gas.
    
  • The FortisBC rate is the Mainland and Vancouver Island residential rate, not Fort Nelson.