With the big dent it made in his electric bill, Hendricks Power Cooperative member Mark Hackleman expects his heat pump water heater to pay for itself in about two years.

“The rebate from Hendricks Power and the government’s tax credit knocked off more than half the cost of the water heater for me,” he said. “And now I’m easily saving $20 a month.”

Hackleman lives in a household of two but says that even with four guests, there’s been plenty of hot water.

“And because mine’s in the basement,” he said, “it also works as a dehumidifier, which is a great bonus.”

Applying for the rebate was no trouble, and he got a check back from his co-op “in short order.”

“We’ve really been impressed with it, from a savings standpoint,” he said. “It’s been a phenomenal move for us.”

If your water heater is nearing retirement age, talk to your local Energy Advisor to discover the benefits of a heat pump water heater—and how you can qualify for a rebate when you upgrade.