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Nice, here in Sweden there are even more efficient systems that recovers the heat from your house ventilation system and uses it to heat water for heating and bathing.

The house we bought a year ago has an electric water heater, and it's a wishlist item of mine to upgrade it to a heat pump. Our electric bill is way higher here than where we lived previously, and the only thing significantly different is that we have electric hot water here. My in-laws have one and it seems to work pretty well. Plus you get a bit of A/C out of it in the summer.

What’s your payback period?

It's in his article - 1 year due to rebates, 2 years without.