timmmay:
I was thinking of replacing our standard cylinder with a heat pump cylinder, but when I looked at the payback period it was fairly long - I can't remember exactly.
Realistically, it's what you do when you need to replace the HWC. Because you would have to pay for most of the other work anyway, you're really just having to pay the premium of the Heat pump over the regular HWC.
We average about 9kW/h per day for hot water, up to about 6kW/h of that is during the day (hopefully covered by solar) so without solar 6kW/h x $.2343 ($1.41) + 3kW/h x $.1123 ($.34) = $1.75 per day to heat water if you save 70% with a heat pump, that's $1.23 per day or about $450 per year saving.
Comparing like for like outdoor cylinder (3kW) vs outdoor heat pump unit 280L
$2295.00 vs $4799.00
So payback period of about 5.5 years for just an upgrade of cylinder. Yes there is more too it with instillation over and about a regular cylinder so your mileage my vary.


