Costs
This section provides general information only. Please contact local installers to get quotes for your home. It is always advisable to get several quotes where possible.
The following table gives a rough estimate of the costs of different tank water heaters based on research in 2020. Included are operational costs for electric water heaters that have been programmed to only draw electricity during off-peak hours: a cost-saving measure.
Operational, purchase and annualized costs of different hot water systems.
| oil | propane | NG | electric | electric (off-peak) | HPWH | HPWH (off-peak) | |
| Avg operational cost | 307 $/yr | 453 $/yr | 98 $/yr | 377 $/yr | 304 $/yr | 89 $/yr | 71 $/yr |
| Purchase cost | $1,000-$3,000 | $1,150 | $1,150 | $1,150 | $1,150 | $2,250 | $2,250 |
| Avg lifespan | 8-13 years | 8-13 years | 8-13 years | 8-13 years | 8-13 years | 13-15 years | 13-15 years |
| Avg annualized total cost ($/yr) | 411 $/yr | 558 $/yr | 202 $/yr | 481 $/yr | 408 $/yr | 249 $/yr | 232 $/yr |
| Avg GHGe (tCO2/yr) | 1.1 | 0.76 | 0.72 | 0.27 | 0.27 | 0.064 | 0.064 |
Rebates!
The Canada Greener Homes grant provides free home energy evaluations and rebates for homeowners to improve the energy efficiency of their primary residence. Heat pumps for water heating qualify for up to $1000 in rebates. Interest free loans may also be available soon- stay posted!