Work out the net cost of a heat pump water heater after STCs and state discounts, and how many years the running-cost savings take to repay it.
This calculator compares the upfront cost of a heat pump water heater with the running-cost savings over the years you expect to keep it.
How it works. Net cost = installed price − incentives. Each year's saving grows by the energy price increase you enter. Payback is the year in which the cumulative savings first exceed the net cost. Total saving = sum of yearly savings over the period − net cost.
What to enter. Use the full price on a written quote, including removal of the old unit, plumbing, electrical work and any tempering valve. For incentives, add the STC discount shown on the quote and any state amount you are confident you qualify for (for example a Solar Victoria rebate, a VEU discount or an NSW ESS discount). For the yearly saving, use the method in the running-cost guide or the heat pump worked example.
Worked example (illustrative). $4,200 installed, $1,600 of incentives, $450 a year saved, rising 3% a year: net cost $2,600; cumulative savings pass $2,600 during year 6.
Limits. Savings depend on your tariff, household size, the old system, climate zone and whether the heat pump runs on solar or off-peak power. Incentive amounts change and are not guaranteed until the installer confirms them in writing. Figures here are illustrative.
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