Comparing the cost of a heat pump hot water service with an electric storage hot water service
Here’s what you need to consider prior to replacing your old electric storage hot water service:
- Hot water accounts for approximately 25% of your electricity bill.
- For a household that uses 200L/day that could be as much as $850* a year for an off peak electric hot water service
Is it possible to save hundreds of dollars a year by installing heat pumps?
A standard electric hot water service uses a heating element to heat the water.
The heating element is usually rated at 3.6Kw.
The Coefficient of Performance (CoP) or the amount of electricity consumed to yield a given amount of heat energy for a standard electric hot water service is 1:1 that is to say:
it takes one Kw of electricity to produce one Kw of heat energy
In the case of the a 3.6Kw heating element it uses 3.6Kw of electrical energy to produce 3.6kw of heat energy making the element 100% efficient.
This not the same for a domestic hot water heat pump.
Heat pumps with a CoP of 1:5, that is to say it takes one Kw of electricity and produces 5Kw of heat energy.
it takes one Kw of electricity to produce one 5 Kw of heat energy
That means heat pumps are 5 times more efficient at producing hot water.
They operate at 500% efficiency compared to the standard electric hot water service.
Show me the money
Putting a dollar value on the efficiency of the heat pump is simple.
If we look at the yearly bill of $850 for an electric hot water system and divide it by 5 being the CoP of the heat pump the cost would be $170 compared to the $850 it costs using your electric hot water system.
That’s a saving of $680.
This is a no brainer.
Keep in mind that there are some heat pumps in the market that are just not up to the task.
Any heat pump with a heating element that kicks in when the air temperature starts to fall is not a true heat pump and will cost you more.
To save money on your hot water system please call Joe Walkerden on 0418124592
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