Heat pump costs will vary depending on the brand, the type of heat pump, the size, and whether it is a split system. When it comes to heat pump installation costs, they can be higher than other furnace and air conditioning options. Most homeowners will pay an average of $5,500 on installation, though costs can run as low as $4,000 to as high as $8,000. These costs represent the installation of the most common types of heat pumps. Geothermal heat pumps are less commonly used and can have a high installation cost that runs into the tens of thousands of dollars as they can require special planning, research, and permits.