An increasing number of heat pumps have recently been installed to replace conventional heating systems to provide more environmentally friendly and energy-efficient indoor heating. Most commonly, air-to-water heat pumps are chosen. However, the sounds of their fan and compressor can lead to noise complaints and can reach the limit of noise emission regulations. To achieve a more pleasant environment, research is conducted to reduce the perceived noise of heat pumps. As part of an interdisciplinary research project, this study aims to investigate the annoyance ratings of a heat pump and characterize them in terms of equivalent loudness and preference penalties. The study uses a two-alternative forced-choice (2AFC) method with a 1-up-1-down rule to measure the point of subjective equality for six stimuli representing different operation states of the investigated device. This experiment aims to identify differences between loudness and preference, and combined with an evaluation of psychoacoustic parameters, its results are used to improve the acoustics of heat pumps and the overall user experience.