I just installed a new heat pump water heater to replace my old “high efficiency” electric water heater. It was considered high efficiency since it had very good insulation, but its efficiency rating was still 93%, so for every kWh I used, I kept .93 kWh of heated water. My new water heater is the GE GeoSpring water heater, and it has an efficiency rating of 2.4. For every kWh of electricity I
buy, I receive 2.4 kWh of heated water. Now my electric water heating is on par with natural gas for total thermal efficiency.
It was an easy upgrade to make, since the new water heater fit into the same space and reconnecting the electric and water lines was straightforward. If you’re a handy person, you can do it yourself. If you’re not handy, the installation cost should be reasonable.
The price of the GeoSpring water heater was $1058.00 with tax. I qualify for a $300 rebate from PECO so my net cost including installation materials is $800. Based on our hot water usage and the energy savings, the water heater will be paid back in less than 2 years! I didn’t wait for my hot water heater to die even though it was 12 years old. If I count in the cost of a replacement water heater ($350-$400) the payback would be less than one year. I expect to save over $3000 over the life of the water heater.
That red and cream color scheme is so nice you want to show it off!