• Home Home

This home heating innovation could put a massive dent in your monthly energy bills — here's how it works

They're a great way to save money on your energy bills.

Heat pump water heater

Photo Credit: iStock

You may have heard about heat pumps, the incredibly energy-efficient devices that heat and cool homes. But did you know that they can serve as water heaters, too?

Like with any major home upgrade, you may be wondering if they are worth the investment. Understanding the benefits (and costs) of a heat pump water heater is crucial in making an informed decision for your home.

Do heat pump water heaters lower your energy bills?

Yes! Because they're incredibly energy efficient, heat pump water heaters are a great way to save money on your energy bills. They use just a fraction of the energy that traditional electric and gas water heaters use, so you're creating less planet-warming pollution, too.

Energy Star has found that homes that make the upgrade will save, on average, $330 every single year on their electricity bills.

Heat pump water heaters also tend to last longer than gas and traditional electric water heaters. Heat pump water heaters can last up to 15 years with proper maintenance, meaning you won't have to replace them as often, representing even more savings.

What is the average cost of a heat pump water heater?

While you'll save money in the long run by going for a heat pump water heater, they can be pricey. Forbes reports that you can expect to pay between $1,500 and $3,000 for a heat pump water heater, as opposed to $500 to $1,000 for a more traditional model.

But thanks to the Inflation Reduction Act, you can get up to $1,750 in rebates for a heat pump water heater, making it way more affordable. Because of these new benefits, now is the best time to invest in one.

Of course, you'll need to choose a brand and size that fits your budget and needs. But if you're in the market to save hundreds of dollars a year while also doing your part to help stop the overheating of the planet, check out a heat pump water heater.

Join our free newsletter for easy tips to save more, waste less, and help yourself while helping the planet.

Cool Divider