Enter your information and scroll to find your climate region to find out how much you could save. If you’re using this tool on a mobile device, use landscape mode for the best user experience.
This calculator uses state average energy rates to estimate savings. If you do know your utility rates, use our Homeowner Rate Input Calculator for a more accurate estimate. To calculate your current energy rates from your bill, follow the instructions on our rate page.
How to Think About the Calculated Results
Depending on the calculator’s cost estimates for your location, the heat pump may or may not reduce your heating costs, but it will save you money on your cooling costs (assuming your home has an existing AC system that you would replace with the heat pump). For all locations, a heat pump will also significantly reduce carbon emissions compared to a gas furnace.
Even if the results show your heating costs increasing slightly compared to gas heating, you still might want to consider installing a heat pump. As mentioned in the heat pump system types page, if you are located in climate zone 4 or above, one option is to increase the changeover temperature for dual-fuel heat pump systems (e.g., an increase of 10 degrees F can reduce heating costs with the heat pump by about 10%).
Generally, we suggest that all homeowners in the southwest states install a new heat pump when replacing their air-conditioning (AC) system or when adding cooling to homes/areas without central cooling. With current rebates and tax credits (including federal, state, utility and local), a new heat pump will generally cost about the same (or less) as replacing the home’s AC system. If you need to replace your gas furnace but your AC system is still in good shape, the economics might be a bit more challenging, but we still recommend considering the heat pump options with all the rebates, tax credits, and financing available.
At the time of installing a new heat pump, we also suggest that homeowners make any needed energy efficiency improvements to the home, such as air sealing and insulation, to further reduce heating and cooling costs and to improve comfort.
Available Rebates & Tax Credits
If you live in Colorado, you can find all rebates and tax credits for heat pumps here.
If you live outside Colorado, you can find all rebates and tax credits for heat pumps here.
Questions about how we built the calculator? Check out the Methodology page to learn more.