How You Can Afford a Heat Pump Water Heater
Considering switching to a heat pump water heater? That's the right choice to make to improve your home's energy efficiency, increase its value, and save the planet. However, you may be concerned about the initial conversion costs. QuitCarbon will provide you with all the essential information, including how to save from all the rebates available to you.
What Are Heat Pump Water Heaters?
Heat pumps are the opposite of refrigerators. While refrigerators remove heat from an enclosed box and release it into the surrounding air, heat pumps extract heat from the surrounding air to generate heat. This is how heat pump water heaters produce hot water.
Unlike traditional electric water heaters, heat pumps water heaters don't generate heat directly. Instead, they use electricity to transfer heat from one location to another. They are also known as hybrid electric water heaters because they have an electric coil backup that heats water when it can't generate enough heat from the air (this is rarely needed). Heat pump water heaters are two to three times more energy-efficient than conventional electric water heaters and gas-powered heaters. Switching from a standard electric water heater to a heat pump water heater can save a household of four up to $500 per year on their electricity bill.
How Much Does Switching to a Heat Pump Water Heater Cost?
There are many different heat pump water heaters available, ranging from approximately $1,200 to over $3,000. Additionally, installation costs may vary based on factors such as:
- Size (a general rule of thumb is you'll need about 10 gallons of tank size per person)
- Location of home installation
- Any necessary material changes
- Electric panel changes (if needed)
- Costs for your chosen contractor
Thankfully, a combination of federal, state, and utility rebates can significantly reduce conversion costs.
QuitCarbon has helped hundreds of homeowners electrify their homes. We can give you a free "Electrification Plan" and connect you with trusted contractors who can get the job done. Ready to start saving money and the planet? Get in touch today!
