I actually learned some more info off the furnace guy, these things are designed to have a sink temperature of around 50, and their break even point is around 37. Our well water temperature is 38. So as we speak right now the heat pump has been on for the 3 hrs I have been up, and our temperature is at 60. We have the thermostat set to 68. The furnace guy says the heat pump is quite small for this size of house (who knows why the previous owners went with it ?), and that in general, when it gets cold up here, most people have to supplement with wood to keep the temperature in the house up. After receiving our electricity bill, it would seem we averaged around 70-75kwh in the last month heating the house, and that's on top of burning 3-4 face cord of wood in our air tight fireplace insert.
A quick test showed I can fill 4x 5 gallon pails in just under 4 minutes after we shut the heat pump off and let it turn completely off, and before letting the pressure tank charge. So I am assuming we have plenty of water in the well, its just the pump is unable to deliver it to the house (either clogged pump or line).
I have no illusions of saving money on going to propane, but, I do know that 60f is a bit cool to wake up to, and we are effectively wasting electricity trying to raise it. We are currently -4f outside (not too cold but just for data's sake)