Gas at $2.00/therm (New England), 95% AFUE - Gas cost per BTU: $2.00 ÷ 95,000 = **$0.0000211/BTU** - Electricity at $0.22/kWh (New England), COP 2.5 - Heat pump cost per BTU: $0.22 ÷ (2.5 × 3,412) = **$0.0000258/BTU** - **Gas wins in this case** despite high gas prices — because electricity is also