I have briefly studied the effects of heat pumps. It seems to me that heat pumps require electricity--and that electricity could be going directly to electric heating.

If the furnace costs more than the supplemental electrical heating, rely more on the electrical heating. And small space heaters can work small wonders.

There is a cost to savings $400 a year. Today, I can get 4% return on a 1-year term deposit. So if the heat pump costs more than $10,000, I have no financial incentive to change.

It would be cheaper to keep the house at 65 degrees and move my $100 space heater from room to room.