I wonder about installing one of those if your WH is inside your heated space? In the winter it would just be 'stealing' heat from your house? My WH is also in a closet under the stairs so not much airflow... I don't think it would be as effective.
I had this discussion with the rep.
The most efficiency is having the unit installed in unconditioned space. Thats where mine is. Raising and lowering the ambient temp in such an area really makes no difference to ones heat bills. The brochure says that the unit requires a room of 700 cuft. If you dont have that, a louvered door is required. If this door backs onto conditioned space, then you will be pulling heat from the room, potentially costing you money.
Now if you have to install the heater "in your kitchen" as the rep said, it changes things. BUT overall in a year the days you heat the ambient compared to the days you cool the ambient should almost work out. Dont forget that the unit can run in traditional, resistance only mode, if your concerned about pumping cold air into a living space over the winter.
I asked about having an external condenser, but apparently its not in the cards. He did suggest that some have boxed in the unit and brought in air from outside to cool the condenser unit on top of the heater. I suppose this makes sense if you are after the ultimate in efficiency. The unit will work down to -40? or so.
my power bill right now is huge and most of it goes to hot water and the electric stove.
The electric stove i can do nothing about (resistance heater takes power) but the hot water, i can. If i didnt install a new tank last year, id have one of the heat pump units by now.
Im looking at the brochure for the GE right now. The energuide ratings for it say it should use $198/yr compared to $520 for a conventional.