Replacing your water heater with a heat pump water heater is one of the best home upgrades you can make if you want to save on your utility bills. And it’ll keep your showers just as hot and steaming as before.
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Heat pump hot water heaters — also referred to as hybrid hot water heaters or electric heat pump water heaters — are the most energy-efficient water heaters on the market, because heat pumps move heat from one place to another, rather than creating it.
But search the internet for how much a heat pump water heater costs, and you’ll likely end up with more questions than answers. That’s because, unlike many consumer products, heat pump water heater costs vary significantly based on factors like where you live and what kind of water heater you currently have.
Fortunately, our expert research team at Rewiring America crunched the numbers on how much heat pump water heaters cost. In this article, we’ll cover what they found and what impacts the cost of a heat pump water heater.
According to a recent analysis by our team, heat pump water heaters cost between $3,600 and $6,500 upfront.
The biggest factor that will impact the cost of installation is what kind of water heater you are replacing. We have found that replacing an electric water heater costs between $3,600 and $4,800. Replacing a gas water heater costs between $4,300 and $6,500.
Swapping out a gas water heater for a heat pump water heater costs more on average because it often requires additional electrical costs and wiring (e.g. adding a 240 Volt outlet).
The exact upfront cost of a heat pump water heater depends on a number of factors, including which unit you buy, how long it takes to install, and how many incentives you qualify for.
Unit cost — The size and brand will make a difference in the unit cost. Heat pump (hybrid) water heaters cost between $1,200 for 50-gallon tanks to $2,500 for 80-gallon tanks made by the highest-end manufacturers.
Labor to install — Time is money! And the total time required to install a water heater can vary significantly depending on where your current set-up is located and how it’s situated in your home.
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Electrician labor — If you’re replacing a conventional electric tank, then you’ll already have the electrical set up for a heat pump water heater. But if you’re replacing a gas heater, you may need to hire an electrician to run a 240 Volt circuit. Note: The manufacturer Rheem now offers a 120 Volt model that can be plugged into a regular outlet.
Supplies and tools — Your plumber will need some supplies to set up your heat pump water heater. Again, the total amount of supplies will vary based on your home and the complexity of your project.
Disposal cost for your old water heater — Some plumbers charge a small fee to remove old hot water heaters. But many of them do this for free.
The exact operating cost, or the expected annual cost to run your heat pump water heater, varies significantly as well.
According to our recent analysis, people can save $80–$230 on their water heating bills by switching to a heat pump water heater. The median annual energy cost of a conventional hot water heater is $230, while the median cost of a heat pump water heater is $90. That’s a 60 percent reduction in water heating costs.
The exact amount of savings will depend on a number of factors:
Energy factor — This is how much electricity is needed for your heat pump water heater to heat your water. Most heat pumps have an energy factor of 2, which is about 2-3 times as much as conventional tanks. Exact energy factors depend mostly on your climate. In warm climates, where there is more energy in the air, you can expect more savings.
Energy consumption — This is how much energy your heat pump will use each month or year. According to the Department of Energy, the average heat pump water heater uses 2,195 kWh per year of electricity (kWh/yr). But exactly how much energy you use depends on factors like your household size and water use.
Cost of energy — This is how much electricity costs where you live. Electricity costs are measured in cents per kilowatt hour ($/kWh). The higher your utility bills, the more you can expect to spend operating your heat pump water heater. But in expensive geographies, savings tend to be higher too. This data by the EIA shows the average price of electricity in each state.
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