A typical electric water heater has an efficiency of 95 percent and costs $350 a year to operate at a unit cost of electricity of $0.11/kWh. A typical heat pump-powered water heater has a COP of 3.3 but costs about $800 more to install. Determine how many years it will take for the heat pump water heater to pay for its cost differential from the energy it saves.

Elements Of Electromagnetics
7th Edition
ISBN:9780190698614
Author:Sadiku, Matthew N. O.
Publisher:Sadiku, Matthew N. O.
ChapterMA: Math Assessment
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A typical electric water heater has an efficiency of
95 percent and costs $350 a year to operate at a unit cost of
electricity of $0.11/kWh. A typical heat pump-powered water
heater has a COP of 3.3 but costs about $800 more to install.
Determine how many years it will take for the heat pump
water heater to pay for its cost differential from the energy
it saves.

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