For decades, electric water heaters were simply insulated tanks with a couple of electric resistance elements that heated the water.  

Today, heat pump water heaters offer improved efficiency and increased energy savings compared to standard units. The benefit of a heat pump water heater is that you get at least twice as much hot water from each kilowatt-hour of electricity consumed as you get from a standard electric water heater. And, while a heat pump water system costs more upfront, the savings will pay back the difference in two years for a household of four.

Replace your aging electric water heater before it fails, and start enjoying savings right away.