For any Australian homeowner looking to save on energy bills, a hot water heat pump is an attractive option. But the upfront cost of installation can be a major barrier to taking the plunge. How long will it take for a hot water heat pump to pay for itself?
Generally speaking, it will take about five years for a heat pump to pay for itself. That’s based on an average household in Australia using around 18kWh of electricity per day, with an average electricity tariff of 28 cents/kWh. In this situation, you could expect to save around $800 per year in electricity bills.
However, the amount of time it takes for your hot water heat pump to pay for itself will depend on several factors:
– The size of your household – the bigger your family is, the more you’ll be able to save on energy bills
– The type of heat pump you install – some models are more efficient than others
– Your electricity tariff – if you’re able to secure a better rate then you’ll be able to save even more
– The climate where you live – if you live in an area with milder winters then your savings will be lower than if you live in a colder region
The best way to get an accurate estimate is by talking to an experienced HVAC engineer or installer. They can give you tailored advice about which type of heat pump will work best for your property and lifestyle and how long it should take for you to start seeing a return on investment. They can also provide quotes and explain any available government incentives that could help reduce the cost of installation.
So there’s no one-size-fits-all answer when it comes to how long it will take for a hot water heat pump to pay for itself. But rest assured that over time your investment should start paying dividends – both in terms of energy bill savings and comfort levels in your home.