Energy consumed by refrigerator, dishwasher, washing machine and dryer is less energy than standard water heater. General Electric (GE) further uses less energy than standard water heater and offers the same amount of hot water for the entire family.
The GeoSpring hybrid electric heat pump hot water heater saves approximately $325* per year, which means $3,250 savings in energy costs over a 10-year period. It uses less than half the energy than the conventional 50-gallon tank water heater. Besides, it operates at 550 watts in Heat Pump mode vs. 4,500 watts in standard electric mode.
Apart from being a good option for you, it is good for environment too.