Heat pump water heaters are known for their energy efficiency. But how does that help you save money? Find out in this article how a domestic heat pump water heater can save you thousands of dollars over its lifetime. We’ll also reveal how these devices work and why they are the best for you as an energy-conscious homeowner.
How Heat Pump Water Heaters Operate
The operation process of heat pump water heaters is based on the first and second laws of thermodynamics. By utilizing electricity, these devices transfer heat from one location to another. They are different from regular heaters that generate the heat themselves. Due to this difference, heat pump water heaters are about three times more energy efficient.
These energy-efficient water heaters function the same way refrigerators do, but in reverse. Instead of pulling heat from inside the fridge box and distributing it to the space outside, these heat pump water heaters pull heat from the air around them and send it at a higher temperature to heat the water in a storage tank. The heater water is then distributed to where you need it to go.
Cost-saving Benefits of Heat Pump Water Heaters
Heat pump water heaters have cost savings benefits because they use less energy than traditional heaters. Below are some cost-saving benefits you’ll enjoy if you switch to these energy-efficient devices.
- Reduced Energy Consumption: Heat pump water heaters save about 60%-70% on energy consumption compared to traditional water heaters. This is very significant, as the next benefit will reveal.
- Lower Energy Bills: When your water heating energy consumption is reduced by 60-70%, you save that amount on energy bills. So, if you spend around $1200 a year on water heating like most average US homes, you’ll slash that by more than half and pay just $500 a year or $700 savings. You might not think $700 is a big deal until you consider the long term, which brings us to the next cost-saving benefit.
- Long-Term Savings: Most heat pump water heaters can last between 15 and 20 years with proper maintenance. If yours lasts 15 years, you will save $10,500 on water heating alone. If it lasts 20 years, the amount saved will be $14,000.
- Potential Rebates: You can use several rebates for heat pump water heaters to reduce the cost of getting a new heat pump water heater. For example, the IRA 25C tax credit can cover 30% of the heater’s cost, reaching as high as $2,000. With such a rebate, you can purchase the device at a discount while enjoying the long-term savings.
- Reduced Operational Costs: The only operational cost you need to consider with heat pump water heaters is the cost of energy. As mentioned, this cost is reduced thanks to the heat pump water heater’s energy efficiency. Traditional heaters, like gas heaters, have to keep up with the purchase of gas, which can be quite expensive.
Eco-friendly Advantages of Heat Pump Water Heaters
Many homeowners and developers are installing or retrofitting heat pump water heaters in their buildings because these eco-friendly water heating solutions have many advantages that benefit the environment. Here are a few of these eco-friendly advantages:
- Reduced Carbon Emissions: The invention of water heating solutions has brought many benefits to our daily lives, but at the expense of our planet. Most traditional water heaters produce a lot of greenhouse gas emissions that are dangerous to the Earth. Thankfully, we can counter and reduce these carbon emissions using heat pump water heaters. These devices produce less greenhouse gas emissions. If you switch from a regular water heater to a heat pump water heater, you’ll cut down on carbon emissions by nothing less than 2,000 pounds.
- Reduced Waste: The lifespan of a heat pump water heater (15 to 20 years) is longer than traditional water heaters (8 to 12 years). Improper disposal might cause these devices to pollute the planet as waste products. Since heat pump water heaters last longer, it will take a few years to dispose of them. The traditional heaters have more moving parts than heat pump water heaters, which means more wear and tear. Worn-out parts might need to be disposed of, further contributing to waste.
Why Heat Pump Water Heaters are the Best Choice for Energy-conscious Homeowners
You should already know that heat pump water heaters are the best water heating option available. In case you’re still unsure, here are why they are the best for you as an energy-conscious homeowner.
- They are energy efficient.
- They produce zero CO2 emissions, which means a lower carbon footprint.
- ENERGY STAR heat pumps are eligible for a tax credit, enabling you to save money.
Conclusion
Heat pump water heaters might look very expensive, but they can save you a lot of money over time. The article above discusses how much you can save if you switch to heat pump water heaters instead of traditional heaters.
