Many homeowners have an old furnace system or gas water heater and want to know if it is cost-effective to switch to an electric heat pump or conventional or hybrid water heater. By comparing the efficiencies, initial cost and lifetime of the unit you can make an informed decision as to which one is right for you.
Estimated annual energy usage will vary depending on lifestyle but this table gives a good starting point. Take a look at the annual cost table to get an idea payback and cost-effectiveness for your switch.
Don’t forget the “kicker” factors that also must be considered – such as if you already have gas appliances. If so, you are already paying around $30 just for having a gas line so you will not be “penalized” for adding a new line (plus $1,000 to have a new gas line tied to your home from Southwest Gas). This would be a factor if a homeowner had all electric appliances and wanted to switch to a gas tankless water heater.
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