I am sure I have a post about this somewhere else.
I have a family of 6 with two HWC's, one used by the 4 kids, one used by my wife and I.
Fairly recently the one that services the kids failed and I had to do the maths about replacing it.
We decided not to go for the heatpump option as:
- Required some new piping to be run externally - at an additional cost
- Required new electrical to be run - at an additional cost
- Lifespan while reasonable is likely to be way less than the 25 years of a standard unit
- If I recall correctly I couldn't make it pay for itself, even with electricity costs doubled (or maybe tripled).
We ended up going for a stainless steel cylinder, that has the option of adding solar or a heatpump later on should we so decide. The cost difference without that option if I recall was approx $150 at the time - YMMV
What I did invest in is a time of use power plan, and a bluetooth smart switch to turn it off at peak times, mostly heat overnight and do a boost from between 4 - 5pm to make sure there is hot water for showers for the kids.
This based on some very simple maths paid itself off in less than a year.