I am trying to calculate the cost of a propane heat pump vs electric heat pump. I currently have an electirc heat pump but am looking to install a new one and don't know whether it is less expensive to have the propane one installed or the electric. We don't have any natural gas lines in our area so propane and elec would be my only choices.
I live in southern Pa. propane is currently 2.49 a gallon and the electric co says to use 7.05 KW to compare but I don't know the calculation.

Any help would be appreciated.

You would have to use KWh, not KW. KWh is an energy unit, KW is a power unit. Power*time = energy

Calc's are here:

Heating Fuel Comparisons (http://www.energykinetics.com/savingsHeatingFuelComparisons.shtml)

Just like there are propane refrigerators, there may be "propane heat pumps". I'll assume that you mean a "propane furnace". Remember to add efficiency. You can assume that resistance heating is nearly 100% efficient. 80-96% might be common furnace efficiencies. The lower efficiencies require a chimney and the higher ones are direct vent (PVC or concentric PVC). Some take combustion air from outside.