Heat Pump Running Costs
Heat pumps are the most energy efficient form of electric heating when you get the right one. How much do they really cost to run?
People are often concerned about the impact of heat pumps on their power bill but they're surprisingly efficient. We help make it easy to work out what is best for your home and wallet.
Heating running costs
A heat pump is considered one of the most energy efficient forms of electric heating available. It only costs around 28c an hour* to run so having it on for 4 hours a day during the cold months is just $1.12 per day.
Cooling running costs
Keeping cooler costs around 8c an hour** to run so having it on for 4 hours a day during the hot season is just 34c per day*. So you and your family can enjoy a more comfortable home during summer.
Factors affecting heat pump running costs
When choosing a new heat pump it is important to make sure it is the right size and the most efficient for your home. Running costs vary depending on:
- Size and layout of the room
- Climate and room orientation
- How often the heat pump is used
- The size & number of windows
- Whether the home is insulated
You can calculate the approximate running costs of a heat pump for your home via EECA's Rightware tool using their calculator.
Heat Pump Running Cost Calculation
- Heating running costs are based on EECA's Rightware tool using their calculator. A heat pump produces 4kW of heat for each 1kW of electricity.
- The Rightware annual running cost (heating) for heat pumps and air conditioners is calculated using the following equation:
- Annual running cost (heating) = heat input (kWh) x electricity cost ($/kWh) x running hours per day x 180 (days) x 0.66.
- This calculation doesn't take into account standby power and assumes the heat pump will not run at full capacity all the time (0.66). It also assumes the heat pump is used for the same amount of time each day over 180 days.
- The calculation also assumes that the outside temperature is 7ºC.
- Annual running costs are calculated using an electricity price of $0.25/kWh.
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Sources: *EECA - Using a 6kW heat output heat pump, 8 hours/day for 6 months of the year. **BDT - 8 hours cooling using a MSZ-GL25VGD 2.5kW heat pump on cooling mode.