In response to the triple crisis of energy–environment–economy (3Es), the air-source heat pump (ASHP) system is considered to be one of the most feasible candidates to upgrade the traditional high emission heating solutions. In this paper, a novel thermal storage refrigerant-heated panel (RHP) is proposed for the ASHP heating system. Experiments were conducted in a climate chamber to test the heating and defrosting performance of the system, the thermal performance of the RHP, the system energy efficiency, and the system economic feasibility. The results show that the heat flux of the RHP is as high as 625.5 W/m2 at a condensation temperature of 40 °C and an outdoor air temperature of −7 °C. Meanwhile, the system is demonstrated to be reliable and competitive with efficient thermal stability in heating conditions and comfortable indoor thermal in defrosting conditions. The coefficient of performance (COP) ranges from 2.2 to 4.0 when the outdoor air temperature changes from −12 °C to 7 °C in the tests. Meanwhile, the initial capital cost and the total annual cost of the proposed system are 430 USD and 203.1 USD, respectively, which is competitive in the distracted heating systems.