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Heat pumps rely on evaporation and condensation processes. The unit transfers heat through the system via a compressed refrigerant. The compressor within the pump circulates the refrigerant through two coils. The first coil evaporates the refrigerant and absorbs warmth from the air. The refrigerant then passes to the second coil, at which point it condenses, and the unit releases the absorbed heat.

A heat pump lasts anywhere from 12 to 20 years, depending on how well you maintain it, the type of heat pump, the brand, and the quality.

Your cost to run a heat pump ranges from $500 to $2,000 per year. It depends heavily on your climate, your house insulation, and if your system has a backup heat source. Solar heat pumps generate their own heat from solar energy and can save you money overall.

Heat pump repairs cost an average of $150 to $600. You might pay $65 on the low end or $1,400 on the higher end.

For similarly sized central units, air conditioners are cheaper than a two-way heat pump. Keep in mind that an AC is a heat pump, but it only works in one direction. A central AC unit costs between $3,800 and $7,600 to install, compared to $4,100 to $18,000 or more for a heat pump.

Whether a furnace or heat pump costs less to warm your home depends largely on the type you have and your climate. For example, these systems usually cost less in southern states with mild weather. In colder northern climates, a gas furnace does better with a heat pump. Backup heating and insulation also play a role. Talk to a heat pump installer about costs and climate before you commit to one or the other.