Most people look past their hot water systems when thinking about saving power and money. A  electric hot water system will consume more power than any other single appliance in a home. On average a hot water system costs over $865 per year in power (2018). Going for the energy efficient options like a Solar hot water system, this will cut that by at least 80% and that’s around $700 a year in power savings and a Heat Pump hot water system when choosing the right brand will save you around $620 on your power bill. Even more if you are using more. So in simple terms the cost between the purchase price and running costs between a standard electric water heater and eirther a heat pump or solar is about 3 years to break even and then its money in the bank thereafter