LOUISVILLE, KY -- MARCH 22, 2010 -- (NYSE:GE) --- The new GE® Hybrid Water Heater, recently named GeoSpring™ Hybrid Water Heater is an ENERGY STAR®-qualified heat pump water heater that will reduce water heater operating expenses up to 62%, saving as much as $320 annually* --- that's $3,200 in savings over a 10-year period based on a national average electricity rate of 10.65 cents per kWh. This product is so innovative and energy efficient that it recently received the Popular Science Best of What's New Award for 2009.
The GeoSpring Hybrid Water Heater is ideal for energy efficiency and low-income weatherization programs, offering easy replacement of a standard electric water heater and a Savings to Investment ratio (SIR) of between 2.0 and 2.8 for the 10-year warranty period. According to the Department of Energy, weatherization programs typically create an average energy savings of $350 per year for their program recipients.** Since the GeoSpring Hybrid water heater can save up to $320 per year, GeoSpring can nearly double the program savings with minimal additional program cost.
It is designed for easy retrofit installation, because it uses the existing water heater's plumbing and electrical connections and occupies the same footprint as a traditional 50-gallon tank water heater.
Many Affordable Housing, Community Action and Weatherization Agencies have already taken advantage of the tremendous energy savings offered by this product and have incorporated it into their programs. "We've been really impressed with GE's new GeoSpring Hybrid Water Heater," says John Dennis, Cattaraugus County Weatherization Manager and member of the New York State Weatherization Directors Association (NYSWDA). "The product is very easy to install, and the energy savings are a big contribution to the complete energy efficiency solution we are providing to our weatherization program participants."
According to the Department of Energy (DOE), the water heater is the second largest energy-consuming appliance in the home behind the HVAC system. Since the water heater consumes approximately 14% of the energy used by the average household, and since the GeoSpring Hybrid Water Heater can reduce this energy consumption by 62%, that means that the GE water heater could reduce total household energy consumption by 8 to 9%. That's a tremendous energy savings opportunity.
Jeff Waller, Program Manager for Community Housing Partners in Virginia, has been equally impressed with the energy savings and support he has gotten from GE. "We were initially impressed with the energy savings opportunity offered by GE's new GeoSpring Hybrid Water Heater and its ability to help us meet our program goals of providing affordable, green, sustainable housing opportunities for our communities. But I'd have to say that we've been most impressed with the support we've gotten directly from GE. Heat pump water heaters are relatively new to the industry, and GE has a terrific technical support group that has answered all of our questions and helped us get very comfortable with this new innovative technology very quickly."
Additionally, the GeoSpring Hybrid Water Heater will be in over 70% of weatherization assistance program training facilities nationwide. This gives weatherization program managers, agencies, energy auditors, installers and technicians the opportunity to interact and gain first-hand experience with the product. GE is committed to ensuring that facilities are properly trained on the GeoSpring Hybrid Water Heater and is actively offering webinars, product literature/DVDs, and on-site visits.
GE's GeoSpring Hybrid Water Heater was the first heat pump water heater to meet the Department of Energy's ENERGY STAR® criteria for heat pump water heaters. The product became available in November 2009 and is currently available through Lowe's, Sears, local independent retailers, plumbing distributors, and directly from GE. For more information about the award-winning GeoSpring Hybrid Water Heater and to view a 3D animation explaining how the water heater works, visit www.geappliances.com/geospring.
Learn more about the Popular Science "Best of What's New" award-winning GE GeoSpring™ Hybrid Water Heater.
* Based on DOE test procedure and comparison of a 50-gallon standard electric tank water heater using 4881 kWh per year vs. the GE Hybrid water heater using 1856 kWh per year.
** ORNL/CON-493, ORNL/CON-484, EIA Annual Energy Outlook for 2009, EIA Short Term Energy Outlook