Biden administration proposes new water heater efficiency standards to cut costs and emissions

The proposed rule aims to update 80-year-old technology and require heat pumps or condensing technology.
The new standards would save consumers $11.4 billion annually on utility bills if implemented.
The proposal is estimated to reduce carbon dioxide emissions by over 500 million metric tons over 30 years.
Water heating accounts for 13% of U.S. residential energy use, so increased efficiency would cut costs and emissions.
The proposed standards would take effect in 2029 and bring an estimated $200 billion in savings over 30 years if finalized.