In recent years, modern and energy-saving solutions, such as heat pumps or solar collectors, have enjoyed great popularity in the heating and cooling sector, which is conditioned by political and environmental factors. The aim of this paper was to analyze the advisability of the employment of renewable energy sources, such as a heat pump, for heating and cooling in single-family buildings in Poland and Spain. Based on the calculations made for a traditional house, located in two cities with different climatic conditions—Wroclaw and Cordoba, the heat losses and gains were determined. On that basis, the heating and cooling demand for these locations were calculated and next—taking into account the obtained results—reversible air–water heat pumps were selected. In addition, the investment expenditures for purchase and assembly of the heat pumps were estimated, as well as the operating costs of the installation. After a deep analysis, it was found that the total cost of using an air-source heat pump, is almost 44% lower for Cordoba, than for Wroclaw.