What does a new heat pump cost per month?

Questions about heat pump costs usually start with the total price. How much does an air-to-water heat pump cost? What about ground-source heating? But that's the wrong place to begin. What actually shapes your everyday budget is what the switch costs per month – and that depends on how you finance it.

This guide runs the numbers on three common options: paying cash, a mortgage top-up, and an energy subscription. We're clear about what each calculation includes and what tends to get left out.

The price of a complete heat pump replacement varies with the type and your circumstances. An air-to-water heat pump typically costs SEK 130,000–190,000 installed, after the ROT deduction. Ground-source heating costs SEK 100,000–160,000 if an existing borehole can be reused. If you need to drill a new one, the total usually lands at SEK 180,000–250,000.

These are large sums. And most homeowners finance them either with savings or a mortgage top-up.

If you finance a SEK 160,000 air-to-water heat pump through a mortgage at 4–5 percent interest, your monthly cost rises straight away by roughly SEK 900–1,100 – in interest alone. Amortization comes on top, depending on your agreement with the bank.

On top of that, you carry the full risk for future repairs. A heat pump typically lasts 15–20 years, but compressors and other parts may need replacing sooner. An unexpected repair can cost SEK 15,000–40,000.

These are costs that rarely appear in the calculation that looked so appealing at the outset.

Pay cash and no interest shows up on your statement. But the cost is there all the same. The money you put into a heat pump is money that's no longer working for you in a savings account or other investments.

With an opportunity cost of 3–4 percent a year, a SEK 160,000 cash purchase carries an implicit cost of roughly SEK 400–530 per month in the early years. Add a reserve for future repairs and servicing, and the real monthly cost is higher than it looks.

Many people put off replacing their pump for too long because they dread the big bill. The result is that they end up paying thousands of kronor extra, needlessly, to their electricity provider every winter.

With an energy subscription like Elvy's, you pay a fixed monthly cost for the term of the agreement. You make no upfront investment. Elvy installs, owns, and maintains the heat pump – always combined with solar panels and a battery as one coherent system.

The monthly cost covers the equipment, installation, a full operating guarantee, and ongoing optimization. If something breaks, no matter when during the term, it's Elvy's responsibility to fix it at no extra cost. You know in advance what the energy solution costs each month.

It isn't a loan, and you don't own the installation. But for most homeowners it matters little who owns the heat pump – what matters is that it heats the house and that the cost is predictable.

When you're pricing a heat pump replacement, it's easy to get stuck on the purchase price. What's often missing from the calculation is operation and optimization. A heat pump that doesn't work together with solar panels, a battery, and smart control is optimized as a standalone component rather than as part of a system.

That's the difference between owning good equipment and having an energy system that actually works for you. With the right control, the heat pump can run more when electricity is cheap, the battery can shave peak loads, and the solar panels can cover part of your consumption during the day.

Without that control, you leave savings on the table, no matter how good a pump you buy.

There's no one-size-fits-all answer. If you have the capital and want to take on responsibility for repairs, optimization, and keeping up with the technology, you may have good reason to buy with cash or a mortgage. In some cases that can work out cheapest on paper.

But most homeowners don't want to become energy experts. They want to know what heating costs per month, avoid unexpected bills, and have a system that works without demanding their attention.

That's the group an energy subscription is built for. Not because it's always cheapest on paper, but because it better reflects how most people actually live and make decisions.

Finance it through a mortgage and interest is added straight away – often SEK 900–1,100 per month at 4–5 percent interest on SEK 160,000.

Pay cash and the money loses its return. It doesn't show up on your statement, but the cost is there all the same.

An unexpected repair, such as replacing a compressor, can cost SEK 15,000–40,000. You carry that cost yourself if you own the pump.

A pump that doesn't work together with solar panels, a battery, and smart control leaves savings on the table, no matter how good a model you buy.

If you own the equipment, you also take on the job of keeping up with upgrades and new technology.

A loan or a cash purchase gives you an upfront cost – but the full monthly picture over 15 years is rarely as clear as it looks at the start.

Want to see what a switch would cost for your specific home? Elvy offers a free consultation where we calculate based on your actual consumption, your existing system, and what a fixed monthly cost would mean for you.