HeatPumpLab

Heat Pump Running Cost Calculator (2026)

Estimate the yearly and average monthly electricity cost to run a heat pump for heating and cooling, driven by your real $/kWh.

The short answer

A typical US home runs a heat pump for roughly $700 to $1,800 a year in total electricity — about $60 to $150 per month averaged over twelve months. The four biggest drivers are home size, climate, insulation, and your local electricity rate. In hot climates cooling dominates the bill; in cold climates heating does.

Your usage

A heat pump heats and cools, so we estimate both. Electricity-only — no gas math.

Sets the electricity default from EIA data (national 0.168, winter regional avgs: NE 0.244, MW 0.157, S 0.151, W 0.198). You can override below.

Use the rate on your electric bill for an accurate result — this single number drives the whole estimate.

Estimated annual running cost

$1,000/ year

About $83/month averaged over the year.

Real bills will be uneven — highest in peak winter (cold climates) or peak summer (hot climates), much lower in shoulder months. This is the 12-month average.

Heating vs. cooling split

Heating

$810/yr

81% of running cost · 4,810 kWh electric

Cooling

$190/yr

19% of running cost · 1,120 kWh electric

Heating dominates your annual cost in this climate.

Annual electricity used

5,930 kWh

Heating draws 4,810 kWh, cooling draws 1,120 kWh. Multiply by your electric rate to see your bill impact.

Sources

This calculator uses:

Electricity price defaults come from EIA (national annual + winter regional averages). Seasonal COP is derived from ENERGY STAR HSPF2/SEER2 ratings using HSPF2 ÷ 3.412.

This tool models the recurring electricity bill of running a heat pump — it does not price the unit, size it, or compare it to another fuel. The single most impactful input is your true $/kWh from a recent bill; a $0.02 swing on 6,000 kWh/yr is $120/yr, often larger than the difference between a Standard and Cold-climate unit. Weather variance year to year alone routinely moves total heating demand by 10–15% in either direction.

Three real-world scenarios

Same 2,000 sq ft, Average-insulation home, high-efficiency heat pump (HSPF2 8.5 / SEER2 16.5) — dropped into three different US markets. All figures are the calculator's outputs using the region's EIA winter-average electricity price.

Warm — Atlanta, GA

$860/yr

≈ $72/mo · elec $0.151/kWh (South winter avg)

  • Heating: $230 (27%)
  • Cooling: $630 (73%)
  • ~5,700 kWh/yr total

Cooling-dominated. A hotter summer here moves the bill more than a colder winter does.

Cold — Boston, MA

$2,180/yr

≈ $182/mo · elec $0.244/kWh (Northeast winter avg)

  • Heating: $1,830 (84%)
  • Cooling: $350 (16%)
  • ~8,900 kWh/yr total

Northeast electricity + Cold climate is the worst combination for heat pump running cost.

Very cold — Minneapolis, MN

$1,140/yr

≈ $95/mo · elec $0.157/kWh (Midwest winter avg)

  • Heating: $1,000 (88%)
  • Cooling: $140 (12%)
  • ~7,300 kWh/yr total

A −15°F design temp needs 2× the annual heat of Boston — but cheaper Midwest electricity keeps the bill lower.

Takeaway: the winter-average electricity price matters as much as the climate. Minneapolis is a much colder city than Boston, yet costs almost half as much per year to heat with a heat pump — because Northeast electricity is about 55% pricier per kWh than Midwest electricity.

How this calculator works

A heat pump moves heat instead of creating it, so each kWh of electricity it consumes delivers more than 1 kWh of useful heating or cooling. We estimate how much heating and cooling your home needs over a year, divide by the unit's seasonal efficiency to get electricity consumed, then multiply by your rate.

  • Annual heating need = 5.5 kWh/sq ft (the Mixed-climate, Average-insulation reference) × your home size × a heating climate factor (Hot 0.35 to Very Cold 2.30) × an insulation factor (Poor 1.30 to Well-insulated 0.75).
  • Annual cooling need = 2.5 kWh/sq ft × home size × a cooling climate factor (Hot 2.50 to Very Cold 0.25) × the same insulation factor.
  • Heating electricity = heating need ÷ heating COP, where COP = HSPF2 ÷ 3.412. Standard tier ≈ 2.20, high-efficiency ≈ 2.49, premium ≈ 2.64.
  • Cooling electricity = cooling need ÷ cooling COP, where COP = SEER2 ÷ 3.412. Standard tier ≈ 4.19, high-efficiency ≈ 4.69, premium ≈ 5.28.
  • Cost = (heating kWh + cooling kWh) × your $/kWh, divided by 12 for a monthly average.

Heating and cooling get their own climate factor tables on purpose — a Cold-climate home has very high heating demand and very low cooling demand, while a Hot-climate home has the opposite. Using the same table for both would distort the estimate badly.

Frequently asked questions

How much does it cost to run a heat pump per month?
Averaged over 12 months, a heat pump for a typical 2,000 sq ft US home runs about $60 to $150 per month in electricity. Actual months are uneven — peak winter or peak summer can be 2 to 3 times the shoulder-month bill. The single biggest swing factor is your local electricity rate; doubling $/kWh roughly doubles the monthly cost.
How much does a heat pump cost to run per year?
For a typical 2,000 sq ft US home, expect $700 to $1,800 per year in heat pump electricity covering both heating and cooling. Mild climates and well-insulated homes land near the low end. Very cold climates, poor insulation, or expensive electricity push toward (or past) the high end.
Do heat pumps use a lot of electricity?
Heat pumps use electricity efficiently because they move heat rather than create it. A standard air-source unit delivers roughly 2.2 kWh of heat for every 1 kWh of electricity it draws (a high-efficiency unit closer to 2.5, a cold-climate model around 2.6). A typical home's heat pump uses roughly 4,000 to 10,000 kWh per year for heating and cooling combined.
Is heating or cooling more expensive on a heat pump?
It depends entirely on your climate. In Hot and Warm climates cooling typically accounts for 60% to 90% of the annual heat pump bill. In Mixed climates the two are roughly balanced. In Cold and Very Cold climates heating is 70% to 95% of the bill, because cooling demand is low and heating demand is high — and the heat pump's heating COP is lower than its cooling COP.
Does a colder climate cost more to run a heat pump?
Yes, generally. Cold climates have higher annual heating demand and the heat pump's seasonal COP drops as outdoor temperatures fall. Very Cold zones can run 2 to 3 times the heating electricity of a Mixed-climate home of the same size. Insulation, a cold-climate-rated heat pump, and proper sizing all soften the gap.
How can I lower my heat pump running cost?
Five levers, ranked by leverage: (1) get your real $/kWh down — time-of-use rates and solar are the largest single moves, (2) tighten the envelope (air sealing and added insulation reduce both heating and cooling demand), (3) set the thermostat 1–2°F closer to outdoor temperatures, (4) upgrade to a higher-HSPF2 / higher-SEER2 system the next time you replace, (5) keep filters clean and schedule annual service so the unit runs at rated COP.

What this tool doesn't model:resistive backup heat strips kicking on below the heat pump's balance point, dual-fuel setups where a gas furnace takes over in extreme cold, hot-water heating, standby loads, and weather that isn't a normal year. Real bills are also month-lumpy — a January bill in Boston is often 3× a May bill; the number above is the 12-month average. For a same-tool comparison against gas, oil, propane, or a boiler, use the dedicated comparison calculators. HeatPumpLab is independent, does not sell leads, and has no affiliation with any installer or utility.