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I installed an electric heat pump tank 2 years ago.After local utility rebates and federal it cost me about $200. Savings have been massive. I run it in heat pump only mode. The heat pump uses 500 watts compared to 4500 elements. It also dehumidifies my basement so no need to run the dehumidifier anymore.
I hooked my effergy whole house energy monitor up to it. Cost me about $10-$15 a month to run and that's with the 2nd highest electric rates in the us here in CT.
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