The savings on energy bills from installing a hot water heat pump can be substantial, depending on your current system’s efficiency, your household’s hot water usage, and other factors. According to Sustainability Victoria, households can see significant reductions in their energy consumption for water heating, which is often one of the largest contributors to household energy bills.
While specific savings can vary, Sustainability Victoria provides some general guidance. Upgrading to a more efficient hot water system like a heat pump can lead to savings of up to $200 to $700 annually on energy bills, depending on the old system’s type and efficiency, the cost of electricity, and the amount of hot water used in the business.
Hot water heat pumps are particularly effective because they use approximately one-third the electricity of a traditional electric storage water heater to produce the same amount of hot water. The actual savings for your household would depend on the specific details of your situation, including the size and efficiency of the heat pump installed, your local climate, and your family’s hot water usage patterns.