Heat pumps are incredibly energy-efficient devices that heat and cool homes, can also serve as water heaters. If you’ve considered upgrading your home by investing in a heat pump water heater, you need to understand the benefits and costs.
One major benefit of heat pump water heaters is their ability to lower your energy bills. Compared to traditional electric and gas water heaters, heat pump water heaters use just a fraction of the energy, resulting in significant savings. This also means you’re creating less planet-warming pollution.
According to Energy Star, homeowners who upgrade to a heat pump water heater can save an average of $330 per year on their electricity bills. Additionally, heat pump water heaters tend to last longer than gas and traditional electric water heaters, with a lifespan of up to 15 years with proper maintenance. This means you’ll save even more by not having to replace them as frequently.
It’s important to note that while they can save you money in the long run, they can also be costly upfront. According to Forbes, you can expect to pay between $1,500 and $3,000 for a heat pump water heater, compared to $500 to $1,000 for a traditional model.
However, thanks to the Inflation Reduction Act, you can receive rebates of up to $1,750 for a heat pump water heater, making it a more affordable option. This is the perfect time to invest in one, as the new benefits can significantly offset the initial cost.
When choosing a heat pump water heater, you’ll need to consider factors such as brand and size to ensure it fits your budget and meets your needs.
But if you’re looking to save hundreds of dollars on your energy bills every year and do your part in mitigating the effects of climate change, a heat pump water heater is definitely worth checking out.
