How much does it cost to heat and cool a 2,000 sq ft home in Newfoundland and Labrador?

In Newfoundland and Labrador (15.8¢/kWh via Newfoundland Power / NL Hydro), a 2,000 sq ft home averages $1,091/year ($91/month) with a high-efficiency heat pump, $1,389/year with a natural gas furnace and central AC, and $3,367/year with electric baseboards.

Are heat pumps cheaper to run than gas furnaces in Newfoundland and Labrador?

At Newfoundland and Labrador's natural gas rate of $1.75/therm, the economic break-even electricity price for a COP 3.1 heat pump is 20.1¢/kWh. Comparing this against Newfoundland and Labrador's residential electricity rate of 15.8¢/kWh determines annual operating savings.

Newfoundland and Labrador Heating & Cooling Cost Calculator (2026)

2,000 Sq Ft Heat Pump Bill

$91/mo

NL Electricity / Gas Rate

15.8¢ / $1.75

15-Yr Savings vs Baseboard

+$30,540

Newfoundland and Labrador Annual Heating & Cooling Bills by Home Size

In Newfoundland and Labrador, a 2,000 sq ft home averages $1,091/year ($91/mo) using a cold-climate heat pump ($1,079/yr winter heating + $12/yr summer cooling), compared to $1,389/year with a natural gas furnace and $3,367/year with electric baseboards.

Home Size	Heat Pump (COP 3.1)	Gas Furnace + AC	Baseboard + Window AC	15-Yr Heat Pump Savings
1,000 Sq Ft	$546/yr ($46/mo)	$694/yr ($58/mo)	$1,683/yr ($140/mo)	+$13,455
1,500 Sq Ft	$818/yr ($68/mo)	$1,041/yr ($87/mo)	$2,525/yr ($210/mo)	+$22,005
2,000 Sq Ft	$1,091/yr ($91/mo)	$1,389/yr ($116/mo)	$3,367/yr ($281/mo)	+$30,540
2,500 Sq Ft	$1,364/yr ($114/mo)	$1,736/yr ($145/mo)	$4,209/yr ($351/mo)	+$39,075
3,000 Sq Ft	$1,637/yr ($136/mo)	$2,083/yr ($174/mo)	$5,050/yr ($421/mo)	+$47,595
3,500 Sq Ft	$1,909/yr ($159/mo)	$2,430/yr ($203/mo)	$5,892/yr ($491/mo)	+$56,145

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