The average cost to replace a heat pump typically ranges from $3,000-$6,000 which includes the cost for labor and the heat pump itself. However, heat pumps vary in cost. If you buy a more expensive type of heat pump such as a solar heat pump or a geothermal heat pump, you can expect to pay upwards of $30,000 to have one installed. Another factor that will affect replacement costs is if you’re planning on replacing your air handler with the heat pump. Adding air handler replacement can cost between $4,000-$9,000.