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Save Money: Switch from Electric Water Heater to Heat Pump

  • Transcript

    LESLIE: Richard in Oregon is on the line with a water heating question. What can we do for you today?

    RICHARD: Hi. I’m wondering if those heat-pump, hybrid water heaters save thousands of dollars like they’re advertised that they do.

    TOM: Well, they certainly will over the life of the unit. Now, are you heating with an electric water heater right now?

    RICHARD: Yes. There’s just the two of us here.

    TOM: And does the electric company send you a big fruit basket every year in celebration of your business? Because you’re wasting a lot of energy with an electric water heater. It’s on 24/7, it’s always running and it’s very, very expensive.

    For those of you that are heating with electric water heaters, the heat-pump water heater is an excellent choice, because it does reduce the cost, dramatically, to heat your water. There is an excellent one out from Rheem. It is the HP-50, introduced earlier this year. You might want to take a look at that as a place to start. But these use far, far, far less electricity than a traditional electric water heater, which is just going to really run up the bills, as you’ve already experienced.

    And by the way, if you do it right now, you can also get a tax credit and that’s only going to be until the end of the year. So that’s a reason to think about it right now.

    RICHARD: OK. Thank you very much, sir. I appreciate …

    TOM: You’re very welcome. Thanks so much for calling us at 1-888-MONEY-PIT.

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