Heat Pumps for Hot Water
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What Are Heat Pumps? A Quick Introduction
Heat pumps (also known as “air source heat pumps” or “hot water heat pumps”) are rapidly gaining popularity among homeowners as a modern heating solution due to their efficiency and money-saving benefits.
Heat pumps take the existing and abundant energy in the air around your home and convert it into hot water, like a reverse air conditioner, and can dramatically reduce your energy bill.
This makes heat pumps roughly 4x more efficient than traditional hot water heaters which simply use electricity to heat your water.
Heat Pump Installations Reach Record Highs
Heat Pumps and Rooftop Solar are a match made in heaven, leading to an 8x spike of installations between 2019 and 2023 thanks to hefty government incentives/rebates.
(Source: Clean Energy Regulator)
Meet the iStore - 270L Heat Pump
Heat pumps do more than just heat water though, using revolutionary air to energy technology, heat pumps act as an effective battery alternative, tapping into your solar PV system in order to save you money.
The iStore 270L is one of the most popular heat pumps on the market and for good reason.
– Heat pumps optimise your solar power system as an efficient battery alternative,
– Decrease your electricity bills,
– Reduce your carbon emissions,
– Enhance the value of your property, and
– Federal & State Government incentives are available
The iStore uses advanced technology to store 4 kW of heat energy for every 1 kW of power consumed. This is often called the COP (Coefficient of Performance) and is among the best on the market.
That’s a remarkable 400% transformation of green energy that you can use to power your home’s hot water needs, while lowering your greenhouse carbon emissions.
Heat pumps effectively capture surplus PV energy that would typically be wasted or stored in expensive batteries.
By doing so, you maximises the efficiency of your solar energy system, converting your excess energy into hot water for your home, resulting in substantial savings!
Access Federal & State Government Incentives
Heat pumps are approved by the Australian Federal Government Clean Energy Regulator, qualifying you to receive a rebate of up to $3,260 upon installation of your electric heat pump system.
How Heat Pumps Work:
The 270L iStore heat pump uses exclusive technology to provide 400% efficiency.
1. A fan draws in air, containing heat energy, over the evaporator
2. The evaporator transforms the liquid refrigerant into a gas.
3. The compressor increases the pressure of the refrigerant, turning it into a hot gas.
4. The heated gas within the condenser coil warms the water contained in the coiled tank.
5. After heating the water, the refrigerant returns to its liquid state and cycles back to the evaporator to repeat the process.
The cycle continues until the set target temperature is reached.
Water Heating Cost Comparison
Heating water for your home accounts for up to 25% of your electricity costs for the average Australian household.
iStore heat pumps significantly cuts down hot water heating consumption by 65% compared to traditional electric or gas storage systems, while also reducing yearly CO2 emissions by 4 tonnes.
Installing an iStore heat pump could save you up to $1,000* per year on your energy bills.
A Significant Reduction In Running Costs
An iStore heat pump reduces energy consumption by 65% when compared to conventional electric or gas storage systems, all while reducing the Co2 emissions of your home by as much as 4 tonnes annually and providing a sustainable source of hot water.
Government Rebates for Heat Pumps
In an effort to promote energy efficiency and reduce greenhouse gas emissions, the Australian government, along with state and territory governments, offer various rebates and incentives for the installation of hot water heat pumps.
These incentives can significantly reduce the upfront cost of installing these systems but it really depends on the state and territory.
Currently the iStore 270L is eligible for the highest number of STCs available for heat pumps in Australia, giving you the maximum benefit – at the time of writing, this is approximately ~$800
Unfortunately, there’s no state-specific government rebates or incentives for heat pumps in Queensland. Homeowners in the sunshine state will have to make do with the national rebate.
New South Wales Rebates
Up to $1,200 in rebates from the NSW government’s Energy Savings Scheme which will go hand-in-hand with the national renewable energy scheme rebate.
South Australia Rebates
In South Australia, homeowners can claim up to $1,000 (or 50% of the install cost) in rebates if you live in the city of Adelaide to install a new heat pump. Combine this with up to $847 in rebates under South Australia’s Retailer Energy Productivity Scheme for a generously affordable heat pump.
In Victoria, homeowners can claim up to $1,000 in rebates from the Victorian Energy Upgrades for Households scheme for their new heat pump.
Ready To Talk?
Heat pumps deliver a strong Return On Investment (ROI) because, depending on your consumption patterns, they can dramatically slash your energy costs.
To make it more affordable to install a heat pump system upfront, talk to us about competitive financing options that may put you in a cashflow-positive position from the start.
We can calculate a payback period up to 84 months – whatever works best for you. In addition, we’ll help you assess your eligibility for various government and tax incentives that make the switch more affordable.
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