False; the heat pump is still more expensive. You need COP of >=4 with baseline rates, and it only gets worse from there (the baselines are tiny, and TOU is als

False; the heat pump is still more expensive. You need COP of >=4 with baseline rates, and it only gets worse from there (the baselines are tiny, and TOU is also bad). Heat pump water heaters only barely scratch 4 under ideal conditions, so you'll generally do worse with a HPWH than with a condensing gas one. Arithmetic is about the same for home heating systems. Basically around here (PG&E) you should only electrify if you can also get your electrons from not-the-grid.