The average cost of a heat pump varies depending on the type, size, and location of the installation. A basic air-source heat pump system for a small home can cost between $3,000 to $5,000, while larger systems can range from $6,000 to $14,000 or more. Geothermal heat pumps are typically more expensive, with costs ranging from $10,000 to $30,000 or more. Installation costs and additional expenses such as ductwork and electrical upgrades should also be considered. It is best to consult with a licensed HVAC contractor for a more accurate estimate.