The answer is, yes! For the heat pump to become environmentally and financially compelling, the price must come down and our electric grid needs to be cleaner utilizing renewable electricity derived from wind or solar. Then we would see a large reduction of greenhouse gas emissions from the residential sector.
Most homes in the U.S. are heated by burning a form of fossil fuels such as natural gas, oil, or propane. Converting these heating systems to an all-electric heat pump will pay for itself over lifetime. Heat pumps have the technology to heat in the winter and cool in the summer. Greater saving can be achieved if the homeowner considers adding or replacing an air conditioning system.
Here is the link to an informative short read!
Thinking Greener!