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Last updated: November 2, 2023

Heat Pump Cost Guide 2024

Factors to Consider When Buying a Heat Pump

The average cost of installing heat pumps ranges roughly between $7,500 and $20,000.

Heat pumps are an essential part of your home and an important investment. As we know, there are several types of heat pumps that you can install. The three most common types are air source heat pumps, water source, and ground source heat pumps. All three heat pumps use natural resources, air, water, and earth, to heat or cool your home. This makes them highly energy efficient and cost-effective in the long run.

An air source heat pump (ASHP) has an outdoor unit and an indoor unit through which it circulates heated or cooled air to heat or cool your home respectively. Both water and ground source heat pumps, also known as geothermal heat pumps, have pipes submerged in water bodies or buried deep underground. They use water or ground temperature to either heat or cool your home. ASHPs are comparatively cheaper as the installation of these heat pumps is much simpler.

Understanding which heat pump would be the right for you is difficult. You may want to consult a certified HVAC installer, have them inspect the site, assess your needs and budget, and give you informed advice on which heat pump would be best for you. Finding a reliable certified HVAC installer is just that difficult. You will be spending hours of your time calling them one by one explaining your needs, and requesting quotes to compare.

GreenMatch can make the process simpler for you. Simply click on the button below and fill out the form with the required details. We will match up to 3 reliable, certified HVAC installers and get their quotes for you to compare. Our service is free with no obligation.

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Factors to Consider Before Buying a Heat Pump

Buying and installing a heat pump is no easy task. Heat pumps are an expensive investment albeit one that pays off well in the long run. However, when you’re about to make such an investment, you may want to consider a few factors to make the right and cost-effective decision. Below we have discussed a few factors you might consider before buying a heat pump.

Size or Capacity

The size or capacity of a heat pump is an important factor to consider if you intend it to work efficiently. A heat pump that is too small with respect to the size of your home may fail to provide adequate heating or cooling in your home.

On the other hand, if the capacity of the heat pump is too high, it may end up consuming more energy, in turn increasing the energy bills and failing to be the cost-effective solution it would otherwise have been. Hence, selecting the right capacity heat pump is of utmost importance in order for it to function optimally and provide you with a comfortable indoor environment.


A compressor is the main part of your heat pump, that works towards adequately heating or cooling your home and maintaining comfortable temperatures within. Generally, the compressors are either single-speed or variable-speed compressors.

Single-speed compressors are either on or off, which means that the temperature and humidity will keep fluctuating. On the other hand, a variable-speed compressor maintains the temperature and humidity inside your home. Moreover, heat pumps with a variable speed compressor are more energy efficient compared to ones with a single speed compressor.


Ductwork is important for heat pumps, especially if you are planning on installing a ducted air source heat pump. If your home does not have existing ductwork, you may have to get the ducts installed, which will add to the cost. If your home has an existing ductwork and it’s an old one, it may need to be replaced.

If you are thinking of installing a ductless heat pump system and you have existing ductwork in your home, you will have to remove it. This will again affect the overall cost of installing the heat pump. Hence, you may want to consider your options carefully where ductwork is concerned.


Cost is another important factor that you need to take into consideration when finalizing buying a heat pump. Each of the heat pumps costs different, as we’ll explore below. If you’re on a budget, or have a set budget, you may want to first get quotes for different heat pumps from installers and then make a decision on which heat pump to buy.


The efficiency of a heat pump in cooling mode is usually measured through SEER ratings while in heating mode it is measured through HSPF (heating seasonal performance factor) ratings. The higher the SEER or HSPF ratings, the higher the energy efficiency of the heat pump.

However, bear in mind that heat pumps with higher SEER or HSPF ratings would cost more. So if you’re on a budget, you might want to buy a heat pump that is less of a compromise on the energy efficiency of the heat pump, without breaking the bank.

Now, you have an idea of what factors you would have to consider when buying a heat pump. Once you’ve done that, the next step is to buy and then install the heat pump. In order to follow through the next steps, it is important to know how much a heat pump would actually cost. Below, we discuss the prices for the different types of heat pumps available in the market.

Cost of Air Source Heat Pumps

Air source heat pumps are the most common types of heat pumps found in homes across the US. Most homeowners find ASHPs to be comparatively more affordable and cost-effective. Below we have discussed the average price for the two main types of air source heat pumps.

ASHP TypeAverage Cost
Ducted ASHP$3,650 – $11,250
Mini-Split Ductless ASHP$2,800 – $11,500

The ducted ASHPs are in a way central heating system and cost more than the mini-split ductless ASHPs. Which type of ASHP would best suit you depends on several factors as discussed above.

Cost of Water Source Heat Pumps

Water source heat pumps are a type of geothermal heat pumps but they only use water as a source of heat. These heat pumps absorb heat to and from the water to heat or cool your home. Discussed below is the average price range for installing a WSHP.

WSHP TypeAverage Cost
WSHP$11,400 – $28,400

A water source heat pump is a heat pump whose installation is greatly dependent on the availability of a suitable water source. You can invest in a WSHP if you’re living near a viable water source and installation is easier.

Cost of Ground Source Heat Pumps

A ground source heat pump has two main types, closed-loop and open-loop systems. Both types are similar except for the way the pipes are installed in the ground. Below we have discussed the average cost of installing a geothermal heat pump.

GSHP TypeAverage Cost
GSHP$11,400 – $28,400

The cost of an open-loop system is comparatively less than that of a closed-loop system. However, each has its own pros and cons. Again, installing a ground source heat pump would require a sufficient amount of ground available on the outside of your home.

Note: All prices included above are average prices based on our research, inclusive of installation costs. These prices may differ owing to several factors like region, HVAC installer you choose, and complexity of the installation.

Find the Best Heat Pump Installation Deal

Heat pumps are available with HVAC installers. You can contact certified installers, have them inspect the site of installation and request quotes to compare. Installers will also be able to guide you on which heat pump would best suit your needs and budget.

Moreover, contacting several installers will give you the advantage of getting several opinions on the installation of your heat pump. You may also be able to get a better deal, with guarantees and warranties that suit you better on comparing different quotes.

This, however, requires you to contact installers after installers by calling them and spending hours of your time explaining your needs. GreenMatch can make the task simpler for you. Click on the button below and fill out the form with the required details. We will match you with up to 3 certified HVAC installers and get their quotes to compare. Our service is free with no obligation.

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Fill in the form in just 1 minute

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