Reddit users may have convinced one condo owner to go for the upgrade after they highlighted the enormous savings that come with a heat pump.
The condo owner shared a photo of their current 50-gallon water heater in the r/askaplumber subreddit. The Reddit user expressed concern about the amount of space needed for a hybrid electric heat pump.
"I wouldn't mind the long-term cost savings with a hybrid heat pump but we are in a condo and the heater is on the same floor," the Redditor said.
Homeowners can reduce their costly energy bills by upgrading to heat pump water heaters. Additionally, federal incentives can save homeowners 30% on installation, plus a $1,750 rebate. However, they'll have to act soon. The tax credits are set to expire by the end of the year, while rebates last until 2031 or funding runs out.
While the Redditor used the site to consider their options, there are other experts available to help. LG connects residents with contractors who will guide them through the process of finding the appropriate water heating option to help them save on their energy bills.
According to the International Energy Agency, heating in buildings is responsible for 10% of global carbon dioxide pollution. Heat pumps, like the ones from LG, are much more efficient than traditional heating units and help lower the amount of planet-overheating pollution.
Switching over to other efficient appliances can save residents even more money. Installing solar panels can bring down the cost of energy. EnergySage provides a free service that makes it easy to compare quotes from local installers and save up to $10,000 on installations.
For homeowners looking to avoid an expensive upfront investment, leasing solar panels is a great option. Palmetto's LightReach solar panel leasing program will install panels for no money down.
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Meanwhile, upgrading to a heat pump can save homeowners an average of $400 per year on energy costs. Mitsubishi can help residents find a local expert who will help find the best system for their home.
One commenter on the Reddit post confirmed the significant amount of savings that come with installing a heat pump.
"I bought one of these and stuck it in a storage area and I think over the last 3 years it paid for itself 3 times over," the commenter wrote.
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