I came here last year and got lots of advice about replacing my 37year old oil furnace and my 24 year old central air. I ultimately went with a Heat Pump and an oil furnace.

Those Carrier equipments were installed in May. I replaced my electric hot water with a GE heat pump hot water heater in August. I am here to report the results of my electric usage for the last year. I live in suburban Maryland outside DC. Our electric rates are right around 20 Cents per Kwh. Oil prices have been all over, but when I had oil delivered in Feb it was over $4 per gallon.

In the last 12 months we've used 19.3% less electricity then in the preceding 12 months with the difference being a new heat pump for those 12 months and a heat pump electric hot water heater for 9 1/2 of those months. The dollar savings was $670.22. (21,833 Kwh vs 17,624 Kwh and $3401.47 vs $2731.25)

Last June and August were the hottest and near hottest June Augusts on record. Prior to the new Heat Pump, we kept the thermostat at 77 degrees and the system could not keep up with demand upstairs. Typically on hot days the temp would approach 80 degrees. With the new system we set the thermostat to 75 degrees and it kept up with that - only occasionally rising to 76 in the late afternoon on the hottest of days.

With about a $50 per month savings on hot water costs, I'd estimate the actual savings on electricity cost is about $800 per year in 2011 rates. (There are just two of us here, so we never use the electric backup heaters in the hot water heater.)

Needless to say, my wife and I are happy to have a significantly more comfortable home in the summer. We also like the lower temperature with longer run times associated with the Heat Pump in heat mode.

I believe most of the dollar savings is due to the hot water heat pump, but the increase in comfort of the house is priceless!

My oil usage was comparable to prior years, but next year I intend to lock out the oil furnace above either 25 or 30 degrees. This will erode some of the electric savings but help reduce the oil bills. It's definitely an ongoing learning experience for me.

Thanks to you all for the help you gave me.