From Longman Dictionary of Contemporary Englishhphp /ˌeɪtʃ ˈpiː/ the abbreviation of horsepowerHPHP /ˌeɪtʃ ˈpiː/ noun [uncountable] British English BBTBUYthe abbreviation of hire purchase We bought the carpets on HP.From Longman Business DictionaryHPHP FINANCECOMMERCEabbreviation for HIRE PURCHASEhphp written abbreviation for HORSEPOWERa 112 hp electric motor