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.
Estimated annual running cost
$1,050/ year
About $88/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
$850/yr
81% of running cost · 5,000 kWh electric
Cooling
$200/yr
19% of running cost · 1,190 kWh electric
Heating dominates your annual cost in this climate.
Annual electricity used
6,200 kWh
Heating draws 5,000 kWh, cooling draws 1,190 kWh. Multiply by your electric rate to see your bill impact.
These are typical-usage estimates, not a copy of your electric bill. Actual running cost depends on your thermostat settings, home specifics, weather year over year, and your real electricity rate. Enter your true $/kWh from a recent bill for the most accurate result.
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.
Disclaimer: All numbers shown by this calculator are estimates based on typical usage, not a copy of your electric bill. Actual running cost depends on your thermostat settings, home specifics, weather year over year, and your real electricity rate. Enter the $/kWh from a recent bill for the most accurate result. HeatPumpLab is independently operated and not affiliated with any installer or utility.