7-129 A typical heat pump powered water heater costs about $800 more to install than a typical electric water heater. The
number of years it will take for the heat pump water heater to pay for its cost differential from the energy it saves is to be
determined.
Assumptions 1 The price of electricity remains constant. 2 Water is
an incompressible substance with constant properties at room
temperature. 3 Time value of money (interest, inflation) is not
considered.
Analysis The amount of electricity used to heat the water and the
net amount transferred to water are
$0.11/kWh
$350/year
energy ofcost Unit
energy ofcost Total
l)(electrica usedenergy Total
r$100.8/yea=
$0.11/kWh)kWh/year)( (916.0=
Then the money saved per year by the heat pump and the simple payback period become
years3.21=
r$249.2/yea
$800
=
savedMoney
coston installati Additional
=periodpayback Simple
$249.2=
$100.8$350=
pump)heat ofcost (Energy – heater) electric ofcost (Energy =savedMoney
Discussion The economics of heat pump water heater will be even better if the air in the house is used as the heat source for
the heat pump in summer, and thus also serving as an air-conditioner.