Economic valuation of heat pumps and electric boilers in the Danish energy system

•We assess the economic value of heat pumps and electric boilers in Denmark.•The daily operation of a heat and power system is modeled by stochastic programming.•Deterministic models overestimate the value of heat pumps and electric boilers.•Heat pumps and electric boilers can reduce the cost of operating the Danish system.•Falling power prices may boost the future value of heat pumps and electric boilers.