Yes — heat pump hot water systems are worth it for most NZ homes. They use 3–4x less electricity than standard electric cylinders, save $400–$700/year on power bills, and qualify for EECA rebates of up to $1,000. The higher upfront cost is typically recovered in 4–7 years.
Numbers for a typical Canterbury family of four:
The Warmer Kiwi Homes programme (EECA) offers rebates for replacing an electric cylinder with a heat pump system. Eligible households (community services card, or in high-deprivation areas) can receive up to 80% of the cost covered. Even non-subsidised installations may qualify for partial rebates — check eeca.govt.nz for current eligibility.
Heat pump systems need adequate space for air circulation (typically at least 1–2m³ of surrounding air volume), work less efficiently in temperatures below 5°C (rare in Christchurch), and make some noise during operation. None of these are deal-breakers for the vast majority of Christchurch homes.