Heat Pump Costs For Water Heating/Cooling



This section provides general information only. Please contact local installers to get quotes for your home. It is always advisable to get several quotes where possible.

The following table gives a rough estimate of the costs of different tank water heaters based on research in 2020. Included are operational costs for electric water heaters that have been programmed to only draw electricity during off-peak hours: a cost-saving measure.

Operational, purchase and annualised costs of different hot water systems.

The purchase costs, installation costs, assumed average efficiency, average annual operational cost, anticipated lifespan, average annualized total cost, and average GHGe (tCO2/year) are listed for different heating, cooling and water heating equipment in the table. The different types of equipment include: NG furnace, propane furnace, electric furnace, oil furnace, central AC, DFHP, ASHP, Mini-split, GSHP.
NOTE: prices are based on utility costs in July of 2020 and do not include connection fees.
Citations
(1) FurnacePrices.ca (n.d.). Furnace prices by region. Retrieved from https://www.furnaceprices.ca/furnaces/furnace-prices/#pricesbyregion
​And Jim Bolger of Waterloo Energy Products, personal communications

Next: Creating a Plan to Add a Heat Pump Water Heater to Your Home

See also: Heat Pump Costs for Space Heating