The Building Science Trust Inc.

Air Source Heat pumps reduce the space heating requirements by around 2.5 times in most Southern Canadian weather conditions. They run on electricity and since electricity is normally about 3 times more expensive than natural gas on an unit energy (kWh) cost basis, heat pumps alone are typically not less expensive than a natural gas furnace heating. 

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However solar power is nearly 1/2 the cost of electricity supplied by your utility. When you combine the low energy consumption of a heat pump with the low cost of solar power you typically beat the cost of natural gas for heating. If you are using fuel oil, propane or electric resistance heating. The heat pump alone will beat the cost of these expensive fuels and pay for itself in a relatively short time.