As electricity bills continue to rise, energy-efficient technology can help you avoid shelling out thousands of additional dollars to power your home. The U.S. Department of Energy has revealed how American households could save nearly $8 billion each year.
In April 2024, the DOE announced that it had completed its Congressionally mandated review of energy-efficiency standards for residential water heaters. It found that heat pump technology would save Americans a whopping $124 billion on energy bills over 30 years.
This finding aligns with recommendations from other energy efficiency experts and organizations such as the Consumer Federation of America. The Advanced Water Heating Initiative went so far as to call heat pump water heaters "the silver bullet solution to reduce energy consumption" in its 2024 State of the Heat Pump Water Heater Market Report.
While heat pump water heaters can be pricey compared to traditional models, the long-term savings are impossible to deny. Fortunately, homeowners can bring down the upfront cost of a heat pump water heater by beginning their installations as soon as possible.
Qualified projects are eligible for up to a $2,000 federal tax credit if they start before Dec. 31. Meanwhile, a $1,750 maximum rebate will remain available until 2031 or funding dries up. LG's expert support can help you determine which device is right for your home.
Heat pump water heaters also do more than benefit your bottom line. The DOE estimates that its new efficiency standards — set to go into effect in 2029 barring reexamination and updates — will eliminate around 366 million tons of planet-warming carbon pollution.
A warming climate (driven by human-generated pollution) has contributed to disease spread and supercharged extreme weather such as heat waves, which can lead to even higher electricity bills for households cranking up their ACs to combat the top weather-related killer.
While state and federal policies can help drive the adoption of energy-efficient technologies, you can still take individual action to overcome this environmental and health menace.
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You don't have to do it alone, either. LG is a trusted brand with a wide variety of heat pump water heaters. With LG's assistance, you'll feel confident in your upgrade as you begin your energy savings journey.
One member of The Cool Down shared how installing a heat pump water heater had made a positive difference in their life: "I LOVE my heat pump water heater. It is helping us save money because it's more efficient, got the gas out of our house, and has worked like a charm."
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