Sustainability Victoria has conducted a valuable analysis comparing the running costs of various hot water appliances to help consumers identify the most cost-effective method for water heating. This data sheds light on the economical and sustainable options available for households.
For instance, when considering the very common electric storage hot water used in Victorian households, the average annual cost to heat water is approximately $900. In contrast, heat pump systems can perform the same task for approximately $685 less annually, representing a remarkable 76% reduction in costs.
It’s important to note that the precise running costs for each business will vary depending on factors such as electricity tariffs, the specific pump model and hot water consumption patterns.
Heat pump hot water units are particularly appealing due to their self-contained heating process, which minimises energy wastage. This efficiency is comparable to the performance of a split-system air conditioner, making them a sustainable and cost-effective choice for water heating.
The comparison includes a range of systems, such as 5.5-star gas storage, 7-star gas instantaneous, electric storage off-peak, high-efficiency solar electric boosted, instant LPG and high-efficiency hot water heat pump on an off-peak tariff.