Welcome to the madness and fun! Sounds like you have the beginnings of a journey laid out already. A well planned heat pump will definitely cost less to run than tank propane. With good sealing and insulation, the two improvements could save you more money than they cost in a few years time. Especially up north.
Be sure to research outdoor units well if you are doing an air-source heat pump. The cold climate units cost more initially, but that first sub-zero cold snap will justify the added upfront expense in comfort and utility bill. Being a pro, you probably know this already.
Good luck, please keep us updated on your project.
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