If you are exploring the heating and cooling options for a new house or looking for ways to reduce your energy bills, you may be considering a heat pump. A heat pump can provide year-round climate control for your home by supplying heat to it in the winter and cooling it in the summer. Some types can also heat water.In general, using a heat pump alone to meet all your heating needs may not be economical. However, used in conjunction with a supplementary form of heating, such as an oil, gas or electric furnace, a heat pump can provide reliable and economic heating in winter and cooling in summer. If you already have an oil or electric heating system, installing a heat pump may be an effective way to reduce your energy costs.