In 2006 we completely replaced our aging HVAC system with a Bryant Evolution furnace and electric heat pump. Part of the rationale for switching from a traditional gas furnace to hybrid system with an electric heat pump was that back then everyone was telling us gas costs were going to continue to climb and that electric rates would stay cheap.
Six years later it now appears that natural gas in our area is cheap but electric costs have gone up dramatically. The good news of course is that our system has a heat pump override which lets us heat the house with the furnace only (using natural gas).
So my question is...how can I determine if it's cheaper to heat the house with electricity or gas so I know whether to override the heat pump or not?