Get a quick estimate on how much you could potentially save in heating costs by switching from your current system to an air-source heat pump.
Your actual bills help us provide a more accurate estimate. If not, we can estimate based on similar homes in your region.
Check your utility bills or estimate based on your monthly costs.
AFUE = Annual Fuel Utilization Efficiency. Higher % = more efficient.
Older systems run less efficiently, so your actual savings may be even higher.
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Important: This is a general estimate for informational purposes only. Actual savings vary based on equipment choice, local utility rates, usage patterns, and installation quality. Get quotes from certified contractors for accurate numbers.
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GET FREE QUOTES| Current System | Typical Annual Savings (Ontario) | Typical Annual Savings (BC) | Payback Period |
|---|---|---|---|
| Electric Baseboard | $1,200 – $2,500/yr | $600 – $1,400/yr | 3 – 6 years |
| Oil Furnace | $800 – $1,800/yr | $700 – $1,600/yr | 5 – 9 years |
| Propane Furnace | $600 – $1,400/yr | $500 – $1,200/yr | 6 – 10 years |
| Natural Gas Furnace (Ontario) | $100 – $500/yr | $200 – $600/yr | 12 – 20 years |
Payback = net installed cost (after rebates) ÷ annual energy savings — e.g. $5,000 net cost ÷ $1,000/yr savings = 5-year payback.
Yes as fossil fuel costs and carbon pricing rise while electricity stays comparatively stable, heat pump savings typically grow over the system's 15–20 year lifespan.
Natural gas is cheaper per unit in Ontario today, but rising federal carbon pricing is closing that gap and should favor heat pumps for most homeowners by 2030.
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