How much do hot water heat pumps cost?

How much does a hot water heat pump cost?

Thinking about saving money on hot water and going green? A hot water heat pump (heat pump) might be the perfect solution. But how much does a hot water heat pump cost?

While there's no single answer, understanding the factors influencing the price empowers you to make informed decisions.

If you're learning about heat pumps to decide whether they're right for you, you might be interested in reading our companion blog post which will teach you All about hot water heat pumps.

The quick answer

I know you came here for a quick answer, so I'll give it to you, as long as you promise to keep in mind that there are many factors that can change the price.

• 270L iStore brand heat pump: $3,400 installed (suitable for a 1-child family)
• 315L Reclaim heat pump: $8,000 installed (suitable for a 2-child family)

What factors impact the cost of a heat pump?

Several factors influence the final cost of your heat pump:

• Heat Pump Size: Similar to air conditioners, heat pump size is crucial. Larger units cater to bigger households with higher hot water demands, impacting the price. We assess your hot water usage to recommend the optimal size.
• Complexity of the job: Some installations can be more labour intensive and take longer to complete, for example, if the existing hot water system needs to be removed from the second storey. Feel free to get in touch if you have any questions.
• Brand and Quality: Opting for reputable brands with proven performance and reliability ensures long-term efficiency and minimises the risk of breakdowns.
• Government rebates: Solar Victoria currently offers a $1,000 rebate for most homes that install heat pumps to reduce their energy consumption. Winki can help you find out if you are eligible.

How much money will I save with my hot water heat pump?

We're back to payback period. To recap, this is basically the amount of time that it takes so make back the amount of money (in savings or extra income) that you spent on an investment - in this case, your brand new heat pump.

For example, lets say you spend $4,000 on a heat pump that saves you $1,000 per year, that would give you a 4-year payback period.

There are a few things that can impact the payback period for your heat pump:

• How much you used to spend on hot water: Traditional hot water systems are either heated by gas or an electric element. While gas is slightly cheaper, both are more expensive than a heat pump. Thanks to this new technology, the average household can expect to save about $1,000 per year.
• Combining your heat pump with solar power: To get even more bang for your buck, consider powering your heat pump with FREE electricity from the sun. Of course it costs money to install solar, but this will make your payback period even faster.
• The installation cost of your system: If you spend less money on a cheaper system, the payback period will be shorter. But keep in mind, that a low quality system won't last as long, and may break down earlier than you expect. Speak to the Winki team - we have insider knowledge on which heat pumps to trust, and which ones to stay away from.

The Winki Difference: Hassle-Free Hot Water Solutions

At Winki, we don't just provide a quote. We  work closely with you to:

• Assess your hot water needs and recommend the ideal heat pump size.
• Ensure compatibility with your existing plumbing system.
• Offer high-quality, efficient heat pumps from reputable brands.

Our experienced technicians handle everything from initial consultation and system selection to installation and ongoing maintenance.  This ensures your heat pump operates at peak performance for years to come, maximising your savings and environmental impact.

Ready to Embrace a Sustainable Future with Hot Water Heat Pumps?

Investing in a hot water heat pump is a strategic decision for any household. While there's an initial cost, the long-term benefits are undeniable: significant energy bill savings, reduced environmental impact, and a commitment to a sustainable future.

Contact Winki today for a free consultation and quote. Let our team of experts guide you towards a greener and more cost-effective hot water solution.