A typical electric water heater has an efficiency of 95 percent and costs $350 a year to operate… 1 answer below »

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. Investigate the effect of the heat pump COP on the yearly operation costs and the number of years required to break even. Let the COP vary from 2 to 5. Plot the payback period against the COP and discuss the results.

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