# Is a heat pump worth it in Indiana? Compare by electric utility

> As of November 2026: of 26 Indiana electric utilities, a heat pump comes out ahead at any quote for 0,
> it depends on quotes for 26, and like-for-like comes out ahead for 0
> (typical 1,800 sq ft home replacing both furnace and AC).

- Indiana average residential electricity: 17.0¢/kWh (EIA, last 12 months)
- Winter gas: $1.07/therm (EIA, Nov–Mar)
- Interactive page: https://meterwise.app/in/

## What to know about the Indiana numbers

- **Rebates not checked yet**: We haven't checked heat pump rebates in Indiana yet, so the numbers here leave them out. Utility and state programs can take thousands off a heat pump, so ask your utility and your contractor what's available.
- **Mostly average prices**: Only 35% of Indiana ZIP codes here are priced on a current utility tariff. The rest use the utility's average price from the U.S. Energy Information Administration, which is about two years old and doesn't show tiers, so the winter price of extra kWh is estimated. Enter the rate from a recent bill for a closer answer.

## Utilities

"Heat pump vs. furnace + AC" is the heat pump's yearly running cost difference (− = cheaper to run).

| Utility | Price/kWh | vs. state | Default fuel | Heat pump vs. furnace + AC | Verdict |
|---|---|---|---|---|---|
| [Duke Energy Indiana](https://meterwise.app/in/duke-energy-indiana/heat-pump-vs-furnace/index.md) | 16.8¢ | -2% | gas | −$50 | depends on quotes |
| [NIPSCO](https://meterwise.app/in/nipsco/heat-pump-vs-furnace/index.md) | 19.1¢ | +12% | gas | −$40 | depends on quotes |
| [Indiana Michigan Power (I&M)](https://meterwise.app/in/indiana-michigan-power-i-and-m/heat-pump-vs-furnace/index.md) | 16.3¢ | -4% | gas | −$40 | depends on quotes |
| [AES Indiana](https://meterwise.app/in/aes-indiana/heat-pump-vs-furnace/index.md) | 16.1¢ | -5% | gas | +$40 | depends on quotes |
| [Southern Indiana Gas & Elec Co](https://meterwise.app/in/southern-indiana-gas-and-elec-co/heat-pump-vs-furnace/index.md) | 17.5¢ | +3% | gas | +$60 | depends on quotes |
| [Western Indiana Energy REMC](https://meterwise.app/in/western-indiana-energy-remc/heat-pump-vs-furnace/index.md) | 14.4¢ | -15% | gas | −$50 | depends on quotes |
| [Utilities Dist-Western IN REMC](https://meterwise.app/in/utilities-dist-western-in-remc/heat-pump-vs-furnace/index.md) | 16.1¢ | -5% | gas | +$20 | depends on quotes |
| [Jackson County Rural E M C](https://meterwise.app/in/jackson-county-rural-e-m-c/heat-pump-vs-furnace/index.md) | 15.3¢ | -10% | gas | −$10 | depends on quotes |
| [South Central Indiana REMC](https://meterwise.app/in/south-central-indiana-remc/heat-pump-vs-furnace/index.md) | 17.7¢ | +4% | gas | +$90 | depends on quotes |
| [Southeastern Indiana R E M C](https://meterwise.app/in/southeastern-indiana-r-e-m-c/heat-pump-vs-furnace/index.md) | 15.2¢ | -11% | gas | −$60 | depends on quotes |
| [Hendricks County Rural E M C](https://meterwise.app/in/hendricks-county-rural-e-m-c/heat-pump-vs-furnace/index.md) | 13.8¢ | -19% | gas | −$50 | depends on quotes |
| [Tipmont Rural Elec Member Corp](https://meterwise.app/in/tipmont-rural-elec-member-corp/heat-pump-vs-furnace/index.md) | 16.1¢ | -6% | gas | +$50 | depends on quotes |
| [Dubois Rural Electric Coop Inc](https://meterwise.app/in/dubois-rural-electric-coop-inc/heat-pump-vs-furnace/index.md) | 14.4¢ | -16% | gas | −$80 | depends on quotes |
| [Daviess Martin County R E M C](https://meterwise.app/in/daviess-martin-county-r-e-m-c/heat-pump-vs-furnace/index.md) | 15.2¢ | -11% | gas | −$30 | depends on quotes |
| [Kankakee Valley Rural E M C](https://meterwise.app/in/kankakee-valley-rural-e-m-c/heat-pump-vs-furnace/index.md) | 15.2¢ | -11% | gas | −$180 | depends on quotes |
| [Noble County R E M C](https://meterwise.app/in/noble-county-r-e-m-c/heat-pump-vs-furnace/index.md) | 13.5¢ | -21% | gas | −$0 | depends on quotes |
| [Southern Indiana R E C, Inc](https://meterwise.app/in/southern-indiana-r-e-c-inc/heat-pump-vs-furnace/index.md) | 15.7¢ | -8% | gas | −$30 | depends on quotes |
| [Harrison County Rural E M C](https://meterwise.app/in/harrison-county-rural-e-m-c/heat-pump-vs-furnace/index.md) | 13.9¢ | -18% | gas | −$10 | depends on quotes |
| [Decatur County Rural E M C](https://meterwise.app/in/decatur-county-rural-e-m-c/heat-pump-vs-furnace/index.md) | 15.8¢ | -7% | gas | +$60 | depends on quotes |
| [Carroll-White REMC](https://meterwise.app/in/carroll-white-remc/heat-pump-vs-furnace/index.md) | 14.9¢ | -12% | gas | −$10 | depends on quotes |
| [Clark County Rural E M C](https://meterwise.app/in/clark-county-rural-e-m-c/heat-pump-vs-furnace/index.md) | 14.6¢ | -14% | gas | −$90 | depends on quotes |
| [Boone County Rural EMC](https://meterwise.app/in/boone-county-rural-emc/heat-pump-vs-furnace/index.md) | 16.5¢ | -3% | gas | −$120 | depends on quotes |
| [NineStar Connect](https://meterwise.app/in/ninestar-connect/heat-pump-vs-furnace/index.md) | 15.7¢ | -8% | gas | −$0 | depends on quotes |
| [Northeastern Rural E M C](https://meterwise.app/in/northeastern-rural-e-m-c/heat-pump-vs-furnace/index.md) | 15.0¢ | -12% | gas | −$160 | depends on quotes |
| [Johnson County Rural E M C](https://meterwise.app/in/johnson-county-rural-e-m-c/heat-pump-vs-furnace/index.md) | 13.8¢ | -19% | gas | −$80 | depends on quotes |
| [Bartholomew County Rural E M C](https://meterwise.app/in/bartholomew-county-rural-e-m-c/heat-pump-vs-furnace/index.md) | 14.7¢ | -14% | gas | −$30 | depends on quotes |

Data: https://meterwise.app/data/v1/utilities.json · Method: https://meterwise.app/about/index.md