Abstract. The energy efficiency of air-to-water heat pumps used for central heating depends significantly on the correctness of the device choice. Under given climate conditions, the temperature of the bivalent point defines the amount of energy supplied from an additional source, usually an electric heater, in periods when the power of the heat pump is too low. Commonly overlooked fact is that excess capacity is also unfavourable and has significant, negative impact on the energy efficiency of such a system. In the article, basing on the measurement data of the real installation of the air-to-water heat pump, a significant decrease in the energy efficiency of the device during periods of low energy demand was shown. The average monthly value of SCOP in the warm months was similar or even lower than in the winter months. The reason of this is the operation of the device under partial load. Although the values of COP were very high in short periods of operation, frequent switching on and off of the heat pump reduced its energy efficiency. Also, the length of operation in stand-by mode, i.e. the length of the periods between successive heating cycles, had negative influence on energy efficiency.