If you’re looking to heat your home’s hot water with a heat pump, you need to know what the running costs of the system are. Heat pumps are an efficient way of heating hot water, but they aren’t necessarily cheap to run. In this article, we’ll look at what you can expect as far as running costs go when you install a heat pump hot water system in your home.
First off, let’s talk about the upfront cost of getting a heat pump hot water system installed in your home. This can vary greatly depending on the size and type of heat pump unit you get, but generally speaking, you should expect to pay $2000 – $5000 for the installation itself.
Now, let’s move on to the ongoing running costs of a heat pump hot water system. The cost of running your system will depend largely on how much energy it consumes and, as such, will also depend heavily on how efficient your particular model is. Generally speaking though, expect to pay anywhere from $0.25 – $0.50 per day for most models, which works out to around $90 – $180 per year (not including installation).
Additionally, there are other factors that can affect the running costs of your heat pump hot water system. For example, if you have a large family that uses lots of hot water every day then obviously your energy bill is going to be higher than someone who lives alone and doesn’t use that much hot water. Similarly, if you live in an area with high electricity prices then this will also have an effect on your overall running costs.
Finally, it’s worth noting that while the initial installation costs may seem high at first glance, they are usually offset by savings over time due to lower overall energy bills and reduced maintenance costs (since these systems usually require less maintenance than other heating systems). So while it might seem expensive at first glance, installing a heat pump hot water system could actually end up saving you money in the long run!