$3,956 and $6,702
A heat pump will replace both the furnace and air conditioner/central air unit. It may be costly to install, with the national average falling between $3,956 and $6,702, but it will save you considerable money in energy costs. Consider the following factors before installing a heat pump: The biggest single factor is determining the price of your heat pump is the size of your house. The cost of installing a heat pump will be more expensive for the geothermal type than air-source as it needs to be installed underground. The difficultly associated with the excavation of the ground will affect the installation costs. 1 Expect to pay about $2,000-$8,000 for installation of a whole-house air-source heat pump system in an average home (three-ton capacity) with existing usable ductwork. 2  The total costs can double or triple to $4,000-$24,000 or more if new ductwork must be installed or failing ductwork must be replaced. 1 In an older home, adding an electric heat pump might require hiring an electrician to upgrade the electrical panel to 200 amps, which can cost an additional $1,300 -$3,000. After this winter is over I plan to replace our old oil furnace with a new Heat Pump unit w/ back-up electric heating. Here in central Va we rarely get frigid temps except for 8-10 times the nite time temps can dip into the teens(F) (its mostly 20s-40sF at night). Oil was $25.81 at $2.87 per gallon. Heat pump is $9.91 at 35F. Oil is 20% cheaper than strip heat at these prices. I'm not arguing for oil, just laying the numbers out. I wouldn't replace an old oil furnace with a new oil furnace, especially with your low rates and 20F - 40F winter temps. 1 For less moderate climates, installing a dual-fuel air source heat pump that works with a natural gas or propane furnace under a single control system can cost $2,500-$5,500 to install just the heat pump, or $5,000-$25,000 or more for a complete system that includes both the electric heat pump and a fossil-fuel furnace. 1 In an older home, adding an electric heat pump might require hiring an electrician to upgrade the electrical panel to 200 amps, which can cost an additional $1,300 -$3,000. Gas Boiler. Gas boilers are typically very large and used to heat large buildings rather than a home. Replacement costs of a gas boiler can range from $2,500 to $4,000 for a mid-efficiency boiler and $5,000 to $9,000 for a high-efficiency boiler making them significantly more expensive than a gas furnace. Single stage, 80% efficient gas furnaces typically cost $2,000 or higher, moving up to a 90% efficiency range of this same type can cost $3,000. To move into the 95% efficiency range with a multi-stage or modulating furnace that feature variable speed blowers can cost $5,000 to $7,500. It is very common to find heat pumps in new construction homes and buildings that are focused on energy efficiency. The drawback to the heat pump is that the typical furnace cost can range from $1,500 to $7,500 depending on the size of the system. Single stage, 80% efficient gas furnaces typically cost $2,000 or higher, moving up to a 90% efficiency range of this same type can cost $3,000. To move into the 95% efficiency range with a multi-stage or modulating furnace that feature variable speed blowers can cost $5,000 to $7,500. Your heat pump or air conditioner is more than 10 years old. Consider replacing it with a unit that has earned the ENERGY STAR label. Installed correctly, these high-efficiency units can save up to 20 percent on heating and cooling costs.  The air handler or furnace (gas, oil, or electric) is the fan unit that provides the forced air, and backup heat for your heat pump system. In most cases, they are installed in a basement, utility room, crawl space, attic, or interior closet of the home, and connect to your duct system. Parts.  The oil furnace can be replaced with auxillary electric strips in the air handler (for supplimental heat to the heat pump), if the economics are in favor of electricity. Compare the cost of 1 million btu's of heat for oil back-up vs straight electric resistance back-up: Oil at $2.87 per gallon, 80% efficient furnace. Oil was $25.81 at $2.87 per gallon. Heat pump is $9.91 at 35F. Oil is 20% cheaper than strip heat at these prices. I'm not arguing for oil, just laying the numbers out. I wouldn't replace an old oil furnace with a new oil furnace, especially with your low rates and 20F - 40F winter temps. With the ever increasing costs of electricity it is the most expensive furnace to operate on this list. The typical price to replace an electric furnace ranges from $1,000 to $1,500. These furnaces can last about 25 to 30 years and the efficiency ranges between 80 to 90 percent. The heat pump is one of the newest and most efficient designs of furnace, as they operate as both a furnace and air conditioner. Single stage, 80% efficient gas furnaces typically cost $2,000 or higher, moving up to a 90% efficiency range of this same type can cost $3,000. To move into the 95% efficiency range with a multi-stage or modulating furnace that feature variable speed blowers can cost $5,000 to $7,500.
http://www.homeadvisor.com/cost/heating-and-cooling/install-a-heat-pump/ http://home.costhelper.com/heat-pump.html http://ths.gardenweb.com/discussions/2430336/replacing-oil-furnace-with-heat-pumpgood-idea http://home.costhelper.com/heat-pump.html http://www.strategiesonline.net/average-furnace-replacement-cost/ http://www.strategiesonline.net/average-furnace-replacement-cost/ https://www.energystar.gov/index.cfm?c=heat_cool.pr_checklist_consumers http://www.heatpumppriceguides.com/repair-costs/ http://ths.gardenweb.com/discussions/2430336/replacing-oil-furnace-with-heat-pumpgood-idea http://www.strategiesonline.net/average-furnace-replacement-cost/
cost to replace heat pump and furnace