LOUISVILLE, Ky.--(BUSINESS WIRE)--The new GE® hybrid heat pump water heater, recently named GeoSpring™, is an Energy Star-qualified electric heat pump water heater that will reduce water heater operating expenses up to 62 percent, 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. The GeoSpring is so innovative and energy efficient that it recently received the Popular Science “Best of What’s New Award” for 2009. The GeoSpring hybrid electric heat pump water heater is ideal for energy efficiency and low-income weatherization programs, offering easy replacement of a standard electric water heater and offering 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 can save up to $320 per year, it 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 the GeoSpring 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 percent of the energy used by the average household, the GeoSpring Hybrid Water Heater has been designed to reduce this energy consumption by 62 percent, which means that the GE water heater could reduce total household energy consumption by 8 to 9 percent. 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.” 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.
