Heat pump water heaters are an efficient and eco-friendly solution in comparison to electric heaters. Why so? Because what they do is basically move the heat instead of producing the heat, therefore saving a lot of energy. To heat up the water, a heat pump uses the heat in the air and in the ground. It uses electricity only to circulate the heat instead of generating it.
This type of water heater uses up to 60% less electricity than a conventional style water heater. That means that your energy bill would be significantly lower. It is very cost efficient in the long run. The life expectancy for heat pump water heaters is up to 15 years, but it still needs to be properly maintained.
The installation cost of a heat pump water heater starts at about $1500. Keep in mind that you will need a good amount of room for this type of water heater.