Replacing a heat pump in 2026: cost and how to skip it

If your current heat pump has started making strange noises, is drawing more electricity than usual, or has simply reached the end of its life (often after 10–15 years), you're not alone. But in a time of economic uncertainty, an investment of SEK 100,000–200,000 isn't always appealing.

Most homeowners start reviewing their heating when they notice the electricity bill rising even though their usage pattern is the same. An old heat pump loses efficiency, which means it has to use more electricity to produce the same amount of heat.

Signs that it's time for a replacement:

Age: Your pump is older than 10 years.

Noise level: The compressor is unusually loud or stutters.

Repair costs: You've had a technician out more than once in the past two years.

Efficiency: Modern pumps are considerably more efficient than the models sold 10 years ago, and they also run far more quietly.

The cost of a traditional heat pump replacement varies depending on which technology you choose. Here are the estimated market prices for a turnkey job (hardware plus installation), after the ROT deduction: an air-to-air heat pump costs roughly SEK 20,000 to 35,000, an air-to-water heat pump SEK 130,000 to 190,000, and a ground-source replacement SEK 110,000 to 150,000. The prices include installation but assume that existing boreholes or pipe systems can be reused.

The most common reason homeowners hold off on replacing their heat pump isn't a lack of will. It's the invoice. An investment of SEK 100,000 to 200,000 is hard to justify, and a new loan feels risky when interest rates are what they are.

The problem is that waiting costs money. An old, inefficient pump keeps drawing more electricity than it needs, every day, every winter. The difference can easily add up to thousands of kronor a year.

Elvy offers an energy subscription in which we install the market's most efficient heat pumps, always combined with solar panels and a battery, without you paying any startup fee.

Why choose Elvy instead of buying it yourself? No down payment: you keep your money in the bank. A fixed monthly cost: you know exactly what your heating costs each month. A full operating guarantee: if something breaks, it's our responsibility to fix it at no charge. Always optimized: with smart software, everything related to your heating, including hot water, is energy-optimized against the electricity price, which lowers your costs even further.

Replacing a heat pump doesn't have to mean months of planning or a trip to the bank. By focusing on the monthly cost rather than the upfront investment, you can get a warmer home and a lower electricity bill, without emptying your savings account.