Cold is the whole question here
Your winter low averages 8°F, and that is the number that decides this, not the running cost. A standard heat pump starts putting out less than its rated heat below 40°F, and often needs backup heat below about 35°F. Here, every single night that drops to freezing or below, about 255 of them a year, is already colder than both of those marks.
That doesn't rule out a heat pump. It rules out a standard one. The ones built for cold, sold under the ENERGY STAR Cold Climate label, are tested to hold at least 70 percent of their rated heat at 5°F and still make 1.75 units of heat for every unit of electricity at that temperature. A field test of prototype cold-climate models found backup heat covered only a small share of the load between 0°F and 35°F, and the units rarely ran on backup alone even above 0°F. So the question is not heat pump or furnace in the abstract. It's whether the unit in front of you carries that Cold Climate rating, or is a standard model that will lean on backup heat most nights from December through February.
A furnace doesn't have this problem. Gas heat output doesn't fall off as it gets colder outside, so on the 50 nights a year here that hit 0°F or below, it is putting out the same heat it does on a night at freezing.











