The Benefits of Eco
Aug 30, 2023
Water heaters are often overlooked appliances in homes, but they are responsible for a significant amount of energy consumption. Traditional water heaters, whether electric or gas-powered, not only contribute to high utility bills but also produce greenhouse gases and toxins. However, the new generation of eco-friendly heat pump water heaters (HPWH) offers a solution to both reducing emissions and saving money on energy costs.
HPWHs use the same technology as refrigerators to produce heat. Instead of relying on combustion or inefficient mechanisms, they use an energy-efficient compressor to gather heat from the atmosphere and concentrate it in a water storage tank. This process requires only half to a third of the energy compared to conventional water heaters, resulting in significant energy savings.
By switching to an HPWH, the average four-person household in the US can save around $550 per year on electricity bills. Over the lifespan of the HPWH, this amounts to over $5,600 in savings. These savings will vary depending on factors such as home size, location, and electricity provider. HPWHs also have a positive impact on the environment by reducing carbon emissions.
The initial cost of an HPWH may be higher than traditional water heaters, but the long-term savings make it a cost-effective investment. Additionally, federal tax credits and incentives are available to further offset the cost. The Energy Efficient Home Improvement Tax Credit offers up to $2,000 per year for these appliances, and future federal incentives will provide rebates of up to $1,750 for low- and moderate-income homeowners to install HPWHs. Some state and local governments, as well as utility companies, also offer mail-in rebates at the time of purchase.
To choose the right HPWH, it’s recommended to consult with a licensed contractor experienced with these types of heaters. Since HPWHs make up a small portion of the market, finding a contractor familiar with them may be a challenge. It’s also suggested to choose a heater with a larger water tank to prevent relying on less-efficient high-demand features. Smart thermostats can be paired with HPWHs to take advantage of off-peak electricity usage and store clean energy.
Overall, HPWHs are an eco-friendly and cost-effective solution for reducing emissions and saving on utility bills. By embracing greener technologies like these, homeowners can contribute to a low-carbon economy and make a meaningful impact on addressing climate change.
Sources:– Energy Star consumer website– Inflation Reduction Act’s federal tax credits– Municipal utilities’ websites