Heat pump cost in New York (NY)
A 4-ton cold-climate system installed
$9,800to $14,800
About $5,400 more than replacing a gas furnace like for like — which is the comparison that matters, because a dying furnace means buying something either way.
Does the running cost make it back?
Costs extra
$5,400
Saves a year
$190
Breaks even
28.4 yrs
At 29.90¢ a kilowatt hour against $2.98 a therm, electricity is the cheaper way to make heat in New York. The extra install cost comes back, and everything after that is saving.
One thing these figures leave out
A heat pump cools as well as heats. If your air conditioner is also near the end of its life, you are replacing two machines with one, and the premium above overstates what you would actually spend. That is the situation where a heat pump wins most clearly, and it is worth checking the age of your AC before deciding.
Common questions
How much does a heat pump cost in New York?
Between about $9,800 and $14,800 installed for a 4-ton cold-climate system in a 1,800 square foot home. That is roughly $5,400 more than replacing a gas furnace like for like.
Is a heat pump worth it in New York?
On running cost, yes — about $190 a year less than gas here. Against the $5,400 it costs extra to install, that is roughly 28.4 years to break even, which is a long time to wait.
Do I need a cold-climate heat pump in New York?
Probably. New York sees around 135 freezing nights a year, which is enough that a standard unit would lean on backup resistance heat often. A cold-climate model holds capacity lower and costs roughly $1,500 more, which is included in the figures above.
For your own home
These describe a 1,800 square foot home. The calculator takes your ZIP code, your floor area and your existing furnace's efficiency.
More for New York
Everything in New York
All five figures at once
Energy rates in New York
What power and gas cost
Average electric bill in New York
What households pay
Cost to run AC in New York
Per hour and per year
Cost to heat a home in New York
Gas vs heat pump
Furnace replacement cost in New York
What a new one costs
Solar payback in New York
Whether panels pay off
Sized from New York's 6,200 heating degree days. Prices from the US Energy Information Administration. Installed costs are a national estimate spread ±20%; ductwork, electrical capacity and how far the lines have to run move real quotes more than the equipment does.