True enough, but the cost of the heat is not all you have to pay for before your toes go blue and drop off. To be able to use a heat pump you need to buy one [duh] and get it piped and gassed up. To take advantage of the COP, you either need Underfloor Heating or twice the area of conventional radiators, because the most efficient water exit temperature is only 104F, half a normal circuit's temperature.
Here in France, the vendors have already done the sums, factored in the Gummint tax reliefs and creamed off most of the advantage for themselves. Example: An air heat pump's major component is nothing more than a big aircon unit, yours for under $2000. Heat pump with a similar output and a bit of sheet-metal work, $7500 plus 20% sales tax. Green Tax credit -£3750. You still have to remodel the existing or build a new heating system, which is not peanuts. I estimate that in my house I'd only save a lousy $5 a week by nursing the planet with a Geothermal heating system.
... and we haven't even started looking at depreciation, interest on the loan or annual maintenance costs.....
Once you do the real sums, electric resistance heating with good insulation starts to look remarkably attractive!
