If you have a large electric hot water heater in your garage, now is the perfect time to save hundreds of dollars every year by switching to a Heat Pump water heater. For the same first year cost to replace your conventional electric hot water heater, you can install a Heat Pump water heater and begin saving hundreds of dollars every year after.
The cost savings are immediate. Your energy bill could be reduced approximately $400 each year (depending on your hot water usage). If you are a Duke Energy of the Carolinas area, Duke offers a $350 rebate if you upgrade to a new Heat Pump water heater. And currently you can claim a $300 tax deduction on your Federal income taxes with the new Rheem/Ruud heat pump water heaters. So for the $1000 difference in installation costs, you can offset that cost with the rebates and energy savings in the first year. Then in year 2, the savings are approximately $400 each year after that.
Rheem also offers the best in class warranty for the Heat Pump water heaters. 10-year full parts warranty on the Heat Pump water heaters. If it fails for any reason, parts are free. That is at least 4 years more than the warranties on your standard electric hot water heaters.