Last year I installed a 50 gallon GE "Geospring" water heater in the house, replacing a 21 year old A.O. Smith 66 gallon electric. Installs like any other electric water heater save for needing a place to drain condensed water the thing pulls from the air as a normal part of its operation. I went with this unit for a couple reasons, one, of course, being for efficiency's sake. Because the unit acts also as a dehumidifier when it runs, I also figured that I could forgo using the dehumidifier in the basement (my woodworking shop, tools and machines are there) as a bonus. The unit made a noticeable change in my electric bill right off the bat, and once summer rolled around, not needing the dehumidifier also saved some money. I did begin to notice later in the year the unit running longer and the fans running faster than was normal, my diagnosis led to to conclude the refrigerant was leaking. I called GE, who sent a tech unfamiliar with the units, but who accepted my diagnosis (pretty tough to dispute a leak detector going off) and ordered parts which were shipped to the house. A different tech came to install the parts. Turns out that mine was the first unit his region had performed repairs on in the field, and he was rather glad I knew my way around the unit after studying it as well as the included service literature inside. As it turns out, all the early units suffer from an evaporator coil that fractures and leaks. The repair is a replacement of that evaporator, the expansion valve and the dryer. The tech was cool, we talked shop while we both worked on the unit which is still working as new to this day.
Heat pump water heaters are not for everyone. In addition to needing a drain or condensate pump to deal with the water collected by the evaporator, the units need a freely available amount of air equivalent to a 10x10' room. The precludes cases where the water heater is stuffed away in a cramped closet, though provisions can be made by using a louvered door. The unit also makes some noise when running, this noise is variable dependent on room temperature and humidity. The fans will speed up if the room is cold, and slow down when the room temp is high and/or there is a fair amount of humidity. Since the heater works by taking heat from the installation space for heating the water, the effect is the same as a small room air conditioner. In winter, the interior heat is used for heating water, so using one of these units in a northern climate can be a bit counterproductive. However, if the water heater is located in a furnace room that tends to be overly hot, the water heater can benefit from this surplus of heat. People who have their water heaters on porches or inside of cold, unheated garages or other spaces will not realize the full benefits of the design. Those living in southern climates, especially where there is a lot of humidity will have a perfect installation conditions.
The GE unit is pretty much a high quality electric water heater, complete with the pair of 4500 watt of heating elements which also has a heat pump installed, along with the necessary control circuits. The heater can fall back to standard electric heating if the demand is high or there is a problem with the heat pump system. When I was having problems, I switched my unit to pure electric mode until it was repaired. Having two modes of heat and the ability to program which one (or varying amounts of both) is nice, and this tailors the energy usage to work best with the conditions the heater encounters. Compared to my old electric heater, there is about a 20 to 35 dollar reduction in electricity usage each month that I have realized. The unit is able to be automatically shut down for vacations and extended non-use, simply program the number of days you expect to be away and the unit will keep the water at 50 degrees F. to prevent freezing.
I'm happy with my setup. I can also answer other questions people might have about it or similar units.