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One of the primary benefits of a heat pump water heater is how cost-effective it is. How much you save will depend on your water usage and electricity costs. That being said, we can ballpark savings for the average home of between $100 and $500 per year. You can increase that savings rate by researching and applying available energy incentives available in your area. If you really want to focus on cost, consider a tankless water heater.

Every type of water heater has its advantages and disadvantages. Understanding those can help you decide the best type for your situation and budget. 

Pros

• Safer than gas or propane

• Doesn’t require extensive venting systems

• Lower upfront costs

• Simpler to operate

• No pilot light

• Easier installation

• More efficient heating than gas models

• Available as point-of-use (POU) and whole-house units

Cons

• Slower to heat water

• Longer recovery time

• Possibly higher operating costs

• Doesn’t work during a power outage

• Costs can increase without a 240-volt connection

Tankless water heaters are more expensive than those with a storage tank, but they come with some impressive benefits that most homeowners find worth the higher investment. Most importantly, they provide unlimited hot water, so you’ll never run out like you would with a storage tank. Tankless heaters are also more efficient, so comparing gallon-for-gallon, you’ll spend less on hot water with a tankless heater. Tankless water heaters are also smaller, require less maintenance, and tend to last longer than storage tank water heaters.

Yes, hybrid water heaters can be noisy — noisier than traditional water heaters. The sound they produce is often compared to the hum of a dishwasher. Its noise comes from the heat pump’s fan and compressor as they work to pull in and compress the air. While it’s not totally disruptive, especially if the unit is installed in less frequented areas, like a basement or garage, it’s something to keep in mind if you’re sensitive to noise or if the unit will be placed near bedrooms or living spaces.