Anything to back that up Marc? I'd be interested in reading the white paper. EDIT: I found it while surfing around. From Wiki: "The COP of heat pumps (300%-350% efficient) make them much more efficient than high-efficiency gas-burning furnaces (90-99% efficient), and electric heating (100%). However, this does not always mean they are less expensive to operate. The 2009 US average price per therm (100,000 BTU) of electricity was $3.38 while the average price per therm of natural gas was $1.16.[1] Using these prices, a heat pump with a COP of 3.5 would cost $0.97[2] to provide one therm of heat, while a high efficiency gas furnace with 95% efficiency would cost $1.22[3] to provide one therm of heat. With these average prices, the heat pump costs 20% less[4] to provide the same amount of heat. The savings (if any) will depend on the actual cost of electricity and natural gas, which can both vary widely".