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Heat pump vs. furnace cost
Last reviewed November 2, 2026
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Your details
Add up 12 months of m³ on your Enbridge bills, minus ~250 m³ for a gas water heater.
New gas furnaces ≥95% AFUE; older mid-efficiency ~80%; electric resistance 100%.
Defaults reflect cold-climate units in your region. Ground-source: 3.0–4.0.
Your estimate
Current heating cost
$990
per year
Heat pump cost
$1,236
7,726 kWh/year
Annual extra cost
$246
with a heat pump at these prices
Heat your home needs
21.6 MWh
delivered heat per year
CO₂ today
4.2 t
per year
CO₂ with heat pump
0.4 t
91% lower
With natural gas, operating costs are often close to break-even, so the case for a heat pump usually rests on replacing an air conditioner at the same time, available rebates, comfort and emissions. A hybrid system can capture most of the emissions benefit while keeping costs low on the coldest days. See our full cost comparison or request contractor quotes to price your home.
Assumptions and method
Heat delivered = fuel used × energy content × system efficiency. Energy content: natural gas 10.35 kWh/m³, heating oil 10.6 kWh/L, propane 7.08 kWh/L.
The size-based estimate assumes a typical existing Ontario home and your region's heating degree days (3,600). It can be off by 30% or more — use real fuel data whenever possible.
Heat pump electricity = heat ÷ seasonal COP, which already accounts for colder days and backup resistance heat. Hybrid systems run the heat pump on milder days (modelled at a 12% higher COP) and switch to the existing fuel below a changeover temperature.
Prices are editable estimates including delivery: electricity $0.16/kWh before the Ontario Electricity Rebate; Enbridge gas ~$0.45/m³ after the April 2025 removal of the federal carbon charge. Emissions: gas 1.89 kg/m³, oil 2.73 kg/L, propane 1.51 kg/L, Ontario grid ~0.05 kg/kWh.
Excludes equipment, installation, maintenance and electrical upgrades. Installed costs and rebates are covered in our heat pump guide.