💚 Savings Calculator
See how much you could save annually by switching to a heat pump in Ontario — including
estimated payback period and lifetime savings versus your current system.
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.
Find out exactly how much you could save — get free quotes from certified contractors.
GET FREE QUOTESTypical annual savings depend on your current fuel type and Ontario hydro rate. Homeowners switching from electric baseboards see the largest savings. Those switching from natural gas see more modest savings but benefit greatly as Ontario's carbon price on gas continues to rise to $170/tonne by 2030.
| Current System | Typical Annual Savings (Ontario) | Payback Period |
|---|---|---|
| Electric Baseboard | $1,200 – $2,500/yr | 3 – 6 years |
| Oil Furnace | $900 – $1,800/yr | 4 – 8 years |
| Propane Furnace | $700 – $1,400/yr | 5 – 9 years |
| Natural Gas Furnace (Ontario) | $200 – $700/yr* | 10 – 18 years* |
*With rebates and rising carbon pricing on gas, the payback period for gas-to-heat-pump conversions is shortening each year.
Federal and Ontario provincial rebates can cut upfront cost by $2,000–$6,500, dramatically shortening the payback period. Apply for Canada Greener Homes before installation.
Air sealing and insulation upgrades before installing a heat pump can reduce heating load by 20–40%, meaning a smaller unit AND lower monthly hydro bills.
Ontario's Time-of-Use pricing rewards off-peak usage. Scheduling your heat pump to work harder during off-peak hours (nights and weekends) saves 15–25%.
Heat pumps are most efficient at steady temperatures. Avoid extreme setbacks — maintain a consistent indoor temperature for best efficiency in Ontario's cold climate.
Payback period = Net installed cost (after rebates) ÷ Annual energy savings. For example: heat pump costs $9,000 installed, you receive $4,000 in rebates (net cost $5,000), and save $1,000/year → payback is 5 years. Every year after that is pure savings.
Yes — Ontario's carbon price on natural gas is scheduled to rise significantly to 2030, making gas heating more expensive each year. Meanwhile, electricity rates are more predictable. Heat pump savings grow over the 15–20 year system lifespan.
For most Ontario homeowners, yes — especially with current rebates. The Enbridge Home Efficiency Rebate Plus plus federal Greener Homes grants can cut net cost by $5,000–$8,000. Combined with rising carbon taxes on gas, the economics are increasingly compelling for Ontario homeowners.
Ontario homeowners may qualify for up to
$6,500
in federal and provincial rebates on qualifying systems.
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