Overall goal: to reduce the amount of oil we use by shifting to electricity in order to use more of the solar power our rooftop panels generate.
Current Situation: We have an oil-fueled furnace that also provides the steam for our heat system. Our oil provider, who also installed the current furnace, constantly says that the furnace provides “free hot water,” but the fact is that in late spring, summer, and early fall when our home doesn’t need the run the furnace, we must leave it on anyway to provide hot water. We use about 125 to 150 gallons of oil to accomplish this. In early March, oil was selling for $4.15/gallon – probably higher now. So ~$570 for hot water from April to October.
Rheem Proterra Hybrid Heat Pump Water Heater
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Our electric company, through the MassSave program, has a deal on the Rheem Proterra Hybrid Heat Pump Water Heater in which you receive a $750 discount that makes the cost $899 (plus installation). (By comparison, the same unit at Home Depot would be $1889 - $750 = $1139.) However, a 40-gal unit (enough hot water for 2 - 4 people) is $1592 with a coupon discount (would it also be $750?), which would be $792.
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According to Mass Save’s Water Heater Replacement Calculator, running a hybrid heat pump water heater costs about $25 a month, although Rheem says it is less than $10/month to run this particular model.
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Looking at an annual summary of oil deliveries, we went from April 11 until October 17 without a delivery, so 6 months. That means $150 (or $60) to heat water using the heat pump water heater vs $570 for the oil furnace to do it, a savings of $420.
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Without taking into account savings during the rest of the year, the Rheem would pay for itself in 2 years (not including installation charge). [Given that we currently have a $600+ electric credit, technically it would be $570 (oil) x 2 yrs = $1140 - $899 (cost of unit) = $240 toward installation.
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Installation costs (est): $3200 – according to the Rheem info on the Home Depot site, this design may be an easier install. I’ll need to get an actual quote to make a solid judgment.
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Diameter: 20.5 inches (40 gal), 22.5 inches (50 gal) – measure available spaces.
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Height: both are about 64 inches tall
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Note: according to one source, “Many families go up one tank size to keep the unit in efficient mode most of the time—saving money while staying comfy and even nudging indoor Air Quality in the right direction thanks to light dehumidification." We currently run a dehumidifer in the basement laundry room, so this might replace the need (and the cost).
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Note: If we replace the Washer & Dryer with an all-in-one unit upstairs, installation becomes even easier.