The big decision: standard electric vs. ENERGY STAR certified heat pump water heater
Which size Electric tank do I need?
Family of 1 to 2: 30 gallons
Family of 2 to 3: 40 gallons
Family of 3 to 4: 50 gallons
Family of 5 or More: 80 gallons
Source: https://www.lowes.com/n/buying-guide/water-heater-buying-guide
Electric water heaters cost at retail - The big picture
Standard Electric Water Heater
~$400 to $600 to purchase at Lowe’s® or The Home Depot®
Operating cost ~$500/year
Electric Heat Pump Water Heater
~$1,500 to $3,200 to purchase at Lowe’s®, The Home Depot® or SupplyHouse.com®
Local Utility rebates up to $2,250 – Check out our Hot Deals by State
Federal tax credit up to $2,000 on product + professional installation net of local Utility rebates
Operating cost ~$120/year
Product Comparison Table
Notes:
-A water heater’s energy efficiency is determined by the uniform energy factor (UEF), which is based on how much energy the water heater uses and how much energy is used to power the water heater itself. The higher the uniform energy factor, the more efficient the water heater.
Source: DOE – Energy.gov
-The first-hour rating [FHR] refers to the amount of hot water a storage-type water heater (including heat pump models) will deliver in the hour after you turn on the tap.
Source: Consumer Reports
-*Retail prices may vary
Professional Installation of Heat Pump Water Heaters
Standard Electric Water Heater
~$1,400 to $2,500 product + installation by licensed plumber
Operating cost ~$500/year
Electric Heat Pump Water Heater
~$4,500 to $6,000 product + installation by licensed plumber
Local Utility rebates up to $2,250
Federal tax credit up to $2,000 on product + professional installation net of local Utility rebates
Operating cost ~$120/year
Resources: Utility rebates and federal tax credit for Electric Heat pump water heaters
Zip code enabled Utility rebate finders (search for “Heat Pump water heaters” top left and input your zip code top right):
Lowe’s®: https://www.lowes.com/l/help/available-rebates
The Home Depot®: https://www.homedepot.com/rebate-center/index.html
A. O. Smith®: https://www.hotwater.com/water-heater-rebates.html
Rheem®: https://www.rheem.com/rebate-center/?ecr_rebateConsumerTypes=residential&zip=33909
Bradford White®: https://forthepro.bradfordwhite.com/product-rebates-tax-credits/?_gl=1*1bjcm4s*_gcl_au*NzMwNTM2OTk2LjE3NDA1MzM5OTE.*_ga*MTU3MTExMTUyNy4xNzQwNTMzOTkx*_ga_T9DHK449DL*MTc0MjQ3OTQwNy4yLjAuMTc0MjQ3OTQwNy4wLjAuMA..*_ga_3YBBS21NYQ*MTc0MjQ3OTQwNy4xLjAuMTc0MjQ3OTQwNy4wLjAuMA..
Federal tax credits for Electric Heat Pump Water Heaters:
https://www.energystar.gov/about/federal-tax-credits/heat-pump-water-heaters
Resources: dIY installation of an electric water heater
***Important! Abide by the safety precautions detailed in these videos and the Use and Care manual of the new water heater being installed.