Yes, heat pumps typically reduce energy costs significantly compared to heating oil, propane, or electric resistance heating. Oak Hills homeowners switching from oil heat often see 40% or greater reductions in heating costs.
The exact savings depend on your current system, home efficiency, and usage patterns. Heat pumps are most cost-effective when replacing oil, propane, or electric baseboard heating. Even compared to natural gas, modern heat pumps often provide savings, especially when you factor in cooling benefits during summer months.