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Month-by-month operating costs for 1,500 to 3,000 sqft NH homes. Eversource, Liberty, Unitil, and NHEC rates. Head-to-head comparison with oil, propane, kerosene, and natural gas.
$0.25
Eversource/kWh
$0.24
Liberty/kWh
$0.26
Unitil/kWh
$0.22
NHEC/kWh
1,500 sqft home
$1,443/yr
$120/mo avg
2,000 sqft home
$1,844/yr
$154/mo avg
2,500 sqft home
$2,303/yr
$192/mo avg
3,000 sqft home
$2,700/yr
$225/mo avg
Heating + cooling energy only. Does not include baseload electricity (lights, appliances, water heater). COP 3.0 seasonal average, COP 2.2 for January/February extremes. SEER2 20 for cooling.
Monthly heat pump electricity cost by home size. Based on Eversource rate ($0.25/kWh). For other utilities, multiply by their rate ratio.
| Month | 1,500 sqft | 2,000 sqft | 2,500 sqft | 3,000 sqft |
|---|---|---|---|---|
January | $238 | $313 | $388 | $463 |
February | $220 | $290 | $360 | $430 |
March | $180 | $238 | $295 | $350 |
April | $105 | $138 | $173 | $205 |
May | $38 | $50 | $58 | $68 |
June | $38 | $50 | $38 | $50 |
July | $63 | $83 | $63 | $83 |
August | $55 | $73 | $55 | $73 |
September | $33 | $44 | $40 | $53 |
October | $88 | $115 | $143 | $170 |
November | $163 | $215 | $265 | $318 |
December | $225 | $298 | $368 | $440 |
| Annual Total | $1,443 | $1,844 | $2,303 | $2,700 |
Blue rows = heating season. Yellow rows = cooling season. White rows = shoulder/transition months. Eversource $0.25/kWh. Seasonal COP 2.5-3.0 (heating), SEER2 20 (cooling).
$0.25/kWh
Annual Total
$1,844
Monthly Avg
$154
January Peak
$313
July (Cooling)
$83
$0.24/kWh
Annual Total
$1,770
Monthly Avg
$148
January Peak
$300
July (Cooling)
$79
$0.26/kWh
Annual Total
$1,918
Monthly Avg
$160
January Peak
$325
July (Cooling)
$86
$0.22/kWh
Annual Total
$1,623
Monthly Avg
$135
January Peak
$275
July (Cooling)
$73
Annual heating cost comparison for a 2,000 sqft NH home. Heat pump at Eversource rate ($0.25/kWh). Oil, propane, kerosene, natural gas, and electric baseboard at current NH prices.
$3.69/gal
1,500 sqft
$2,100/yr
2,000 sqft
$2,800/yr
2,500 sqft
$3,400/yr
3,000 sqft
$4,100/yr
Save $956/yr
34% less with heat pump
Most common in NH. ~750 gal/yr for 2,000 sqft. 85% efficiency.
$3.62/gal
1,500 sqft
$2,000/yr
2,000 sqft
$2,700/yr
2,500 sqft
$3,300/yr
3,000 sqft
$3,900/yr
Save $856/yr
32% less with heat pump
Common in rural NH. ~750 gal/yr for 2,000 sqft. 90% efficiency.
$4.20/gal
1,500 sqft
$2,400/yr
2,000 sqft
$3,200/yr
2,500 sqft
$3,900/yr
3,000 sqft
$4,700/yr
Save $1,356/yr
42% less with heat pump
Used in older NH homes. Most expensive fuel. ~760 gal/yr for 2,000 sqft.
$1.75/therm
1,500 sqft
$1,600/yr
2,000 sqft
$2,100/yr
2,500 sqft
$2,600/yr
3,000 sqft
$3,100/yr
Save $256/yr
12% less with heat pump
Limited availability in NH. Liberty Gas only in select areas. 92% efficiency.
$0.25/kWh
1,500 sqft
$3,200/yr
2,000 sqft
$4,200/yr
2,500 sqft
$5,200/yr
3,000 sqft
$6,300/yr
Save $2,356/yr
56% less with heat pump
Worst case. COP 1.0 (100% efficient but no heat multiplication). Common in older condos.
$0.25/kWh (Eversource)
1,500 sqft
$1,443/yr
2,000 sqft
$1,844/yr
2,500 sqft
$2,303/yr
3,000 sqft
$2,700/yr
Lowest Cost
Heating + cooling
Liberty ($0.24/kWh)
Old System
$2,000/yr
Heat Pump
$780/yr
Annual Savings
$1,220/yr
Existing ductwork. Ducted heat pump. NHSaves $250/ton rebate.
Eversource ($0.25/kWh)
Old System
$2,800/yr
Heat Pump
$1,050/yr
Annual Savings
$1,750/yr
No ductwork. 3-zone mini-split. NHSaves $250/ton. Keeping oil boiler as backup.
NHEC ($0.22/kWh)
Old System
$5,500/yr
Heat Pump
$1,300/yr
Annual Savings
$4,200/yr
Electric resistance replacement = NHSaves Enhanced $1,250/ton rebate. Massive savings.
NH utilities do not offer a discounted heat pump electricity rate. You pay standard residential rates year-round. CPCNH may lower your supply rate 5-15%.
COP drops to 2.0-2.2 on coldest nights. January bills are 3-4x summer months. Budget accordingly.
Heat pumps cool too. Summer AC bills of $60-$80/month replace the need for window AC units ($100+/month).
At $3.69/gal and 85% efficiency, oil costs $0.044/kWh-equivalent. A heat pump at COP 3.0 costs $0.028/kWh-equivalent.
At $4.20/gal, kerosene heating costs $3,200/yr for a 2,000 sqft home. Switching to a heat pump saves $2,150/yr.
The Section 25C energy efficiency credit expired Dec 31, 2025. NHSaves rebates ($250-$1,250/ton) are the only incentive.
Monthly heat pump costs in NH range from $75-$150 in shoulder months (April, May, September, October) to $250-$550 in peak winter months (January, February, December) depending on home size (1,500-3,000 sqft) and utility rate. Eversource customers at $0.25/kWh pay approximately $400/month in January for a 2,000 sqft home. NHEC customers at $0.22/kWh pay approximately $350 for the same scenario.
Yes, significantly. A heat pump costs approximately $1,050/year to heat a 2,000 sqft NH home (at Eversource rates). Heating oil costs approximately $2,800/year for the same home. That is a savings of $1,750/year, or approximately $145/month average. The savings are largest during moderate cold (October-March) when COP is highest. During extreme cold (below -10°F), the savings gap narrows but the heat pump still costs less per BTU delivered.
Your utility rate directly determines your heat pump operating cost. NHEC at $0.22/kWh is the cheapest, followed by Liberty at $0.24, Eversource at $0.25, and Unitil at $0.26. For a 2,000 sqft home, the annual difference between NHEC and Unitil is approximately $200. All four utilities participate in NHSaves for heat pump rebates.
COP (Coefficient of Performance) measures how much heat a heat pump produces per unit of electricity consumed. A COP of 3.0 means the heat pump produces 3 units of heat for every 1 unit of electricity. In NH, seasonal average COP is approximately 2.5-3.0 due to cold winters. COP drops to 1.5-2.0 at -10°F and approaches 1.0 near the operating limit. This is why January costs are highest — the heat pump works harder and efficiency drops.
A heat pump costs approximately $1,050/year vs. propane at approximately $2,700/year for a 2,000 sqft NH home — a savings of $1,650/year. Propane at $3.62/gallon and 90% furnace efficiency delivers heat at approximately $0.044/kWh-equivalent. A heat pump at COP 3.0 and $0.25/kWh delivers heat at approximately $0.028/kWh-equivalent. The heat pump wins in every month, even in January when COP drops.
Yes. January and February are the most expensive months for heat pump operation in NH, with bills 3-4 times higher than summer cooling months. For a 2,000 sqft home with Eversource, expect $380-$420 in January vs. $110-$130 in July. However, the total heating season cost is still 40-60% less than oil or propane. NH does not have a special heat pump electric rate (unlike Massachusetts), so you pay the same per-kWh rate year-round.
Many NH homeowners keep their existing oil or propane system as a backup (dual-fuel approach). This is especially common in northern NH where temperatures regularly drop below -10°F. The heat pump handles 80-90% of heating needs at high efficiency, and the fossil fuel backup covers extreme cold nights. Annual fuel costs in a dual-fuel setup are typically $300-$500 for the backup fuel plus $800-$900 for the heat pump, totaling $1,100-$1,400 — still well below oil-only at $2,800.
No. Unlike Massachusetts (which has a discounted heat pump rate through Eversource and National Grid), New Hampshire does not offer a special heat pump electricity rate. You pay the standard residential rate: Eversource $0.25/kWh, Liberty $0.24, Unitil $0.26, NHEC $0.22. However, if your town participates in Community Power (CPCNH), you may get a 5-15% lower supply rate.
Your actual costs depend on home size, insulation, utility rate, and climate zone. Get a free quote with your specific numbers.