Heat pump hot water systems range in price from about $2500 to $4000 fully installed. Additional costs may be incurred if alterations to valves or pipes are needed.
The above prices include the federal incentive that is provided through the small scale renewable energy scheme. Certain states also offer a rebate in addition to this.
Please see below which rebates are available in your state.
An additional $1000 rebate is currently available through Solar Victoria’s Solar Homes program. To be eligible households must have a combined household income of less than $180,000 per annum before tax, be an owner-occupier of a home valued at under $3 million, be replacing an existing hot water system and not have claimed another rebate under the Solar Homes program. For more information, please see Solar Victoria’s website.
Under the ActewAGL Heating and Cooling Upgrade program, ACT residents can upgrade their hot water heater to an energy-efficient Stiebel Eltron hot water heat pump and save up to $750 off the purchase price, or $1200 for households which hold an eligible concession card. For more information please visit Actew AGL’s website.
Though a heat pump may cost more to begin with, they are cheaper to run than other hot water systems, saving you money over the long run.