[kenora]

Thanks for all the replies.. I appreciate the feedback. My intention was never to have the ASHP provide 100% of the heat; that's where either the heat strip in the ASHP or the oil furnace comes into play.
At my location there is only oil and electric, propane is as expensive as oil and would require a big cash injection to replace the furnace and buy a 500 or 1000 gallon tank.
Since oil is now pricing itself past electricity (I am on a tiered HydroOne plan with time of use billing) on a per therm basis I thought having the ASHP provide heat for 2/3 or so of the year at even a 2-1 COP would be better than paying the oil man. The balance of the year (Nov-Feb) would require either the existing furnace to take the load or since my panel has plenty of room I thought of adding baseboard heaters to replace that smog monster.
The baseboard heaters would operate at 100% efficiency at worst while my oil furnace is rated at about 77% at best.
A GSHP is out of the question, I priced one at $27000 and realized that money would be better spent on insulation, air sealing and a hybrid heating system to get me off the oil.
Not sure I mentioned it I am also adding insulated shutters (R20).
I figure I can do all the improvements including the purchase of the ASHP and baseboard heaters and foam for less than $10000.
I would also get the benefit of an air conditioner which woukd be nice for the few hot humid days we endure.