>Water heating accounts for 15 to 20 percent of electric energy use in homes with electric water heating. Compared to traditional electric water heaters, heat pump water heaters can save homeowners up to 50 percent on energy costs while still delivering the same amount of hot water. Heat pump water heater technology works like a refrigerator, but in reverse – using fans and an evaporator to pull warmth from the surrounding air and transfer it to water in the storage tank.

"The work we accomplished in collaboration with our utility, manufacturer and retail partners in 2012 and 2013 sets the stage for new innovations, new features and improved product designs that will help transform the market," said Jill Reynolds, heat pump water heater initiative manager, NEEA. "Part of developing new technologies is testing product quality. Together with our partners we tested heat pump water heaters in the field and launched a regional marketing promotion across the Northwest. We see huge potential regional energy savings from this technology."

Fifty-five percent of Northwest homes have electric water heaters. If all of those homes used heat pump water heaters specifically designed for the Northern climate, the region could save nearly 500 average megawatts (aMW) by 2025, the equivalent to powering all the homes in Seattle and Boise combined each year.<

see here for rebates:  http://www.oregon.gov/energy/RESIDENTIAL/docs/2013RETCRates.pdf