Just installed one recently. Got $500 back in a rebate frome the electric company and will get 30% back in taxes at the end of the year. I haven’t had it running long enough to see what the average electric bill reduction will be; however my last bill (and first full one with the new heater) was my cheapest in the 5 years I’ve been here. I don’t expect it will take long to pay for itself compared to the highly inefficient 20-year old model it replaced.