So, FWIW, my experience is this–
We live in NYC. We have an older house (built in 1901), attached on both sides. When we moved in (25 years ago), we replaced the older oil-fired boiler with a natural gas-fired boiler. The house has steam radiators (not hot water, actual steam).
We’ve had very good results with the gas-fired steam heat (radiators are noisy, but that’s kind of homey). The house gets nice and warm and stays that way all winter (we did replace the drafty old windows, which made a HUGE difference).
But for A/C, we were working with window units, taking them out in the fall and putting them back in the spring. Those worked fine, too, but pretty much doubled our electric bills all summer long.
So two years agoo, we got an unexpected infusion of cash, and decided to install a mini-split A/C system for our summer needs, hoping to save some on the electric bills, and also to have a more comfortable, controlled summer environment (and stop moving heavy window units in and out of the windows and in and out of storage twice a year).
The HVAC company told us about a rebate program from the state–with that rebate, the total installation cost for A/C plus heat pump was about $5,000 LESS than A/C alone. So that was a no-brainer. We got the heat pump unit.
The winter was not terribly cold, but typical for NYC, and it turned out that the heat pump did not really provide the same level of comfortable heat in the house. It was OK, but required sweaters and socks and heavy blankets. And still just a little bit chilly all the time.
And worse than that, at least here in NY, at least for now (last winter), electricity to run the heat pump was MUCH more expensive than firing the boiler with natural gas. (and in NY, most electricity is generated by burning natural gas anyway, so there aren’t any real environmental benefits at this time). Like our electric bill was triple what it used to be. Much, much more than we wanted to spend.
So for the winters, we’ve just gone back to using our gas-fired steam system. In the summer, we use (and love) the mini-split which is ending up being much less expensive (again, about half) than the old window units were.
So we got a heat pump basically for free, but we’re not using it. If the balance between natural gas and electricity prices changes, we might need to re-evaluate. Now, though, we’re comfortable and happy and saving money (will we ever save enough to pay for the installation cost? Probably not. But the payoff in comfort and convenience is huge. And we hope to be able to contribute to environmental benefits, too, sometime).