Is a heat pump cheaper than baseboard heating?

Yes, by a wide margin, for the same reason it beats a furnace — it moves heat rather than generating it.

Each figure above is that appliance at its own typical use, which is why they differ. The reasons below are what actually settle this comparison — the running cost of the electricity each draws is not the whole story.

Why the running cost does not settle electric baseboard heater versus heat pump

• Baseboard is resistance heat with no multiplier. A heat pump delivers several units of heat per unit of electricity, so it warms the same room for a fraction of the electricity — which the nameplate wattage above does not show, because it is a rating, not the heat delivered.
• Baseboard's advantage is per-room control, which a single-zone heat pump cannot match — but a multi-zone mini-split can.
• In a mild climate the running-cost difference over a winter is usually large enough to fund the installation within a few seasons.

Both figures use each appliance’s typical wattage and default usage at the U.S. average of 18.34¢ per kilowatt-hour, and exclude fixed charges, taxes and time-of-use rates. Change the wattage, usage or state on either appliance’s own page to compare them on your terms, or read how to check a running-cost figure before trusting any of them.