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Looking forward to the “reeeeee” from folks who will somehow equate this to think that the gubment is coming for their precious water heater
So I can't stand it when people do the "reeeee" thing either, but this one kind of bugs me.
$11.4 billion in savings per year for 332 million people averages to $34 per year.
Here is a typical electric water heater. Cost: $439. Here is one with a heat pump installed as described in the article. Cost: $1,909 - a difference in price of $1,470.
At $34 per year, this water heater would have to last 43 years before any cost savings from the efficiency gains would be realized. I don't know if you know much about water heaters, but this won't happen by a long shot.
Gas units fare similarly, with typical units verses high efficiency units' price differential.
It's hard to be a homeowner these days. This will make it harder. I can accept it in the name of efficiency gains and saving the planet and all that, but the whole "this will save consumers money," bit is pure gaslighting. It's not true. This will cost consumers quite a lot of money.
You're probably right about it not saving enough money, but the math you did above assumes one water heater per person.
The median household in the US is about 2.5 people. So $34 per year per person becomes $85 per household. Reducing the time to break even to 17.3 years.
Still longer than that water heater is likely to last, but not quite as bad.
True, that actually makes me feel slightly better. But nothing's going to make me feel better when I go to buy a new water heater and it costs three times as much as the last one did.