MeterWise

Heat pump vs. furnace in New Jersey by electric utility

The answer depends on your electric utility. Pick yours to see the numbers for your rates, your weather and the rebates you can get.

Average electricity

23.6¢/kWh

New Jersey residential, last 12 months

Winter gas

$1.38/therm

Nov–Mar average (EIA)

Utilities covered

4

Heat pump ahead at any quote for 0

Statewide rebates

Not checked yet

Numbers leave rebates out

What to know about the New Jersey numbers

  • Rebates not checked yet. We haven't checked heat pump rebates in New Jersey 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.
  • Some average prices. 52% of New Jersey 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 (about two years old). Each utility page says which.
  • Supplier choice. Many New Jersey households buy their electricity supply from a competitive supplier. We use the utility's standard price; if you buy from a supplier, enter your total price per kWh from your bill.
  • Time-of-use rates. 2 utilities' tariffs here charge different prices by time of day. We assume heating and cooling use is spread evenly across the day, which can be off if most of yours falls in peak hours.
4 utilities