Heat pump water heaters

[carwashguy]

I am doing some remodeling in my basement and one of the things I need to do is relocate the gas water heater.  
I thought about going tankless but I don't have enough capacity in the existing piping, I'd have to replace everything back to the meter.  On top of that I don't have a great place to locate the intake and exhaust piping.  
I could simply move the water heater to the other side of the chimney and knock a hole in the chimney and install a liner but things would still be tight.
I am considering installing an electric water heater and removing the chimney entirely.  Then someone asked me about Heat pump water heaters...I know next to nothing about them.  Is this something that would be efficient here in central Massachusetts?   Our daytime temps in January and February tend to be below freezing and frequently below zero overnight.  
They look pretty pricey at $1400 https://www.supplyhouse.com/AO-Smith-HPT...1sQAvD_BwE
vs $665 of standard  electric https://www.supplyhouse.com/Bradford-Whi...eater-240V

[crokett™]

I helped a friend install an AO Smith similar to the model you linked to, it might even be the same one. The water heater has 2 modes, heat pump and conventional. His is in his garage, but he's in SC. How cold does it get in your basement in the winter?

[carwashguy]

I can put it in the laundry room and the temp should be in the mid 60’s. If I put it in the unconditioned side the temp is probably in the 40-50 degree range, certainly never below freezing.
Will I save any money by spending an extra $800for the heat pump OR will I just be spending $1400 every 6-8 years when the tank let’s go?

[jlanciani]

Significant rebates available for hp water heaters depending on what town you live in;

https://www.masssave.com/en/saving/resid...r-heaters/

[blackhat]

Keeping in mind that your home's heating system has to supply the heat going into the water or it's an electric heater.

[crokett™]

You'll save money. How much depends on various factors. There's plenty of heart left in 40 or 50 degree air

[bennybmn]

Keeping in mind that your home's heating system has to supply the heat going into the water or it's an electric heater.

Good reason to put it in the basement, even at lower temps, more of a geothermal effect.