this post was submitted on 22 Nov 2023
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Just installed one recently. Got $500 back in a rebate from the electric company and will get 30% back in taxes at the end of the year. These incentives alone bring the cost down to an equivalently sized traditional electric water heater. I haven't had it running long enough to see what the average electric bill reduction will be; however my last bill (and first full one with the new heater) was my cheapest in the 5 years I've been here ($125 vs $150 from the same month last year). I don't expect it will take long to fully pay for itself compared to the highly inefficient 20-year old model it replaced.