We have had our heat pump water for about 5 years now. It is awesome. We saw an immediate $40 a month reduction in our electric bills. When our neighbor saw ours, he had one put in too and saw similar results. It does blow out cold air, but it only runs about 2 times a day and only for about 30 minutes each time. At the time, we got about $500 back in taxes, so our out of pocket cost was about $800, payback in less than 2 years. I installed it myself. Our old water heater was working just fine when I replaced it. I had to special order it and it took about 2 weeks to get it.
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