a heat pump water heater installed reading 120 degrees, with the words Heat Pump Water Heater Replacement Savings Calculator in the title centered

*Scroll down a bit for the calculator

Heat pump water heaters (also called hybrid water heaters) are one of the best ways to save energy in your home if you’re looking to cut down on those energy bills.

It’s not a new technology, but the prices have come down to the point where the numbers really make a lot of sense, even if you’re replacing a fairly new conventional tank water heater.

The newer heat pump units are cheaper, quieter, last longer, and some can even plug into a regular 120V outlet now.

For these reasons, along with the energy savings, it can make lot of sense to replace your conventional water heater with one of these new heat pump units.

I have replaced two of these in my net zero renovation projects, including one that was only two years old in perfect working order. The numbers (savings/ROI) still made a ton of sense.

This is a more robust version of our Simple Heat Pump Water Heater Savings Calculator, where this ones has more inputs, and more specifically, adjusts for the incorrectness of the standardized EnergyGuide labels.

About Our Improved Replacement Savings Calculator

There are a few calculators online, but I found that they really don’t tell the whole story, are complicated to use, use generic numbers, or are just outdated.

While there is a little bit of research and time to put into the numbers you enter below, I feel it’s well worth it. Here is how our heat pump water heater replacement really dials in what you’ll spend and what you’ll save:

  • Adjustments for actual current usage and savings vs. generic EnergyGuide label numbers.
  • Accuracy by using your own State’s electric utility rates, or enter your own
  • Adjustment for actual inflation over 10 years.
  • Inputs for adding materials, labor, selling your old water heater (second hand), and any rebates or tax credits you might get.
  • Detailed kWh and cost savings over 10 years.
  • Detailed return on investment figures that show exactly what the install does for you.

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