After reading the last article on energy efficiency, I discovered heat pump water heaters. After some quick research, I discovered my hot/humid climate and high electricity costs make it the ideal location for this machine, so I purchased one immediately!
GE advertised the annual savings as $325, but our savings will be higher since we pay the highest electricity rates and our energy usage is mostly from the water heater (no A/C, dryer, heat, or dishwasher).
Here are the numbers:
- purchase price $999 (on sale, normally $1199)
- $300 fed tax credit and $200 local utility credit
- total cost (including tax & delivery) is $524
- planning to sell old water heater for $100, so cost comes down to $424
Based on our electricity cost ($0.33/kWh) and actual usage, I'm sure we'll save at least $40/month.
Wanted to share so others can jump on this too! But be careful, the benefit of these is best in hot/humid climates (California, Hawaii, the south). They are not as beneficial in places like Idaho, North Dakota, etc. A detailed analysis can be found here:
http://www.nrel.gov/docs/fy13osti/58594.pdf and
http://www.pnnl.gov/main/publications/external/technical_reports/PNNL-22642.pdf