Heat pump water heaters typically use 70% less energy than conventional electric resistance water heaters. They achieve their high efficiency by using electricity to gather thermal energy from the surrounding air and concentrate it in your water tank, instead of using the electricity to directly generate heat itself. A by-product of a heat pump water heater is cool dehumidified air, which can help reduce your air conditioning costs as well. Expect savings of about $700 per year for a home of 2-3 people.
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