Heat Pump Cost
Comparison Calculator
A.J. LeBlanc Heating's free calculator compares heat pump operating costs against oil, propane, natural gas, and wood for Southern NH homes. Enter your own fuel prices for a personalized estimate.
See What You're Actually Paying Per BTU
Oil is priced per gallon, gas per therm, wood per cord, and electricity per kWh, making direct comparisons confusing. This calculator converts everything into the same unit (cost per 100,000 BTU of usable heat) so you can see side by side which fuel actually costs less to run. Start with the NH default prices or enter your own numbers.
Estimate Cost per 100,000 BTU of Heat
Starting values come from the latest New Hampshire Department of Energy fuel price averages, updated June 2026. Change any field to match your own bills, then click Calculate.
COP at different outdoor temperatures (optional)
How the Calculator Compares Fuels
Everything Converted to BTUs
Oil is sold by the gallon, gas by the therm, wood by the cord, electricity by the kWh. We convert each into BTUs of usable heat. One gallon of oil has 138,500 BTU; one kWh has 3,412 BTU. Then we apply your system's efficiency or the heat pump's COP to get the actual heat delivered to your home.
Why COP Matters
A heat pump moves heat instead of creating it through combustion. A COP of 3 means the system delivers three units of heat for each unit of electricity at that operating point. Whether it costs less to run than oil, propane, or natural gas depends on the rates and efficiencies entered in the calculator.
Adjust to Your Home
Default values come from the latest New Hampshire Department of Energy fuel price averages, last updated June 2026, and we refresh them as prices change. But no two homes are the same, so enter your actual fuel prices from recent bills and your equipment's AFUE rating for a more accurate picture. Not sure of your AFUE? Call us, we can often tell you from your equipment model number.
How a Heat Pump Compares
Heat Pump vs. Heating Oil
The comparison depends on the oil price, electric rate, oil-system efficiency, and the heat pump's COP at the outdoor temperature. An older, lower-efficiency oil system may show a larger operating-cost difference. Use the calculator with your current rates, then ask us to compare equipment choices for the home.
Heat Pump vs. Propane
The result depends on your propane price, electric rate, existing system efficiency, and the heat pump's performance at the outdoor temperature. A cold-climate heat pump can carry more of the load during milder weather, while the propane system can remain available for backup or the coldest conditions.
Heat Pump vs. Natural Gas
Natural-gas and heat-pump operating costs depend on the current utility rates and equipment efficiencies. In a hybrid setup, the heat pump can handle part of the heating season while the gas system remains available for colder conditions or backup. We compare the rates, equipment, and changeover strategy before recommending that approach.
Heat Pump vs. Cord Wood
Wood can be very economical if you cut or source your own, but it takes time, effort, and storage space. A heat pump adds thermostat-controlled comfort for when you're sleeping, at work, or away from home. Many NH homeowners keep their wood stove for the ambiance and let the heat pump carry routine heating.
What about electric baseboard heat?
Electric resistance heat has a COP of 1, one unit of electrical energy gives you one unit of heat. A heat pump with a COP of 3 delivers three times as much heat per kWh. If you're heating with electric baseboards, the case for a heat pump is very strong from a pure operating cost standpoint. This is also why the NHSaves rebate jumps from $250/ton to $2,000/ton for homes replacing primary electric resistance heat.
Reduce the Installation Cost Too
The calculator shows operating cost, but installation cost matters too. Available rebates and incentives can significantly reduce what you pay upfront for a heat pump system.
- NHSaves: $250/ton replacing oil, gas, or propane heat (up to 5 tons)
- NHSaves: $2,000/ton replacing primary electric resistance heat
- NE Heat Pump Accelerator: $650/outdoor unit, stacks on top of NHSaves
- $85 Wi-Fi thermostat rebate when installed with a qualifying heat pump
- A.J. LeBlanc Heating is a registered NHSaves contractor, we apply your qualifying point-of-sale rebates and help you complete the application for other available programs, which you sign and submit
See How the Numbers Look for Your Home
The calculator gives you a starting point. We can look at your actual fuel bills, your current equipment, and your home and give you a real comparison, plus the rebates that may apply.
Get in Touch
Fill out the form and we'll get back to you. Usually the same business day. For emergencies, call us directly.
Contact Information
Mon-Fri: 8am-4:30pm
Evenings & Weekends: Emergency Service
24/7 Emergency Service
No heat? No hot water? Call 603-623-0412 any time.