It almost seems like a rite of passage these days for new homeowners to feel the heavy burden of high home energy costs. However, there are several simple and cost-effective ways to keep some extra cash in your pocket, such as installing a heat pump water heater.
According to the U.S. Department of Energy, water heating is responsible for about 18% of the average homeowner's energy usage. Thanks to hand washing, showers, and baths, the average household in the U.S. uses around 80 to 120 gallons of hot water every day. That can often mean high utility bills with traditional water heaters.
Luckily, heat pump water heaters offer an affordable solution — and popular brands like LG make it easy to increase your energy efficiency with new models that use cutting-edge technology.
Heat pump water heaters operate by transferring heat from the surrounding air to warm the water in a storage tank, instead of generating heat directly. This method is significantly more energy-efficient than traditional electric or gas heaters. Since they don't burn fuel to create heat like traditional water heaters, heat pump models can also help to significantly lower your energy bills.
Beyond monthly savings, there are valuable financial incentives available to homeowners (both tax credits and rebates) along with additional state and local incentives. You could save $2,000 when installing a heat pump water heater, thanks to federal tax credits alone.
However, homeowners will need to install their upgraded appliances by the end of the year to snag the tax credits. This means that acting sooner rather than later could be worth literally thousands of dollars. The state appliance rebates, on the other hand, will still exist after 2025 in select states.
Switching to a heat pump water heater from a company like LG can also make your home more efficient with smart technology to optimize your home's energy usage. Not only can this lower energy costs, but it can also create substantial reductions in pollution from your home.
If you're hoping that there are local incentives for you to upgrade your appliances, check out LG's free tool that uses your ZIP code to determine if there are any rebates you can collect when you install a heat pump water heater.
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