Heat-pump hot-water heater move for Ecobulb

Adelia Hallett

Feb 3, 2026

Energy News

Energy-efficient lighting retailer Ecobulb is moving into hot water.

The firm is raising capital to expand a diversification into heat pump water heaters, in its home town of Christchurch six months ago.

Managing director Chris Mardon says that while the technology has been avaliable for some time, its adoption had been hindered by high costs. He believes that is changing.

"A powerful convergence of economics, energy realities and market readiness is driving a shift," he told Energy News.

"Energy prices have surged, particularly for gas, while New Zealand's natural gas reserves are dwindling. At the same time, the cost of HPHW units has dropped, thanks to global manufacturing efficiencies, bulk purchasing and improved supply chains."

Significant

Mardon says that HPWH units can now be installed for little more than the cost of replacing a conventional gas or electric home hot-water system.

"This is significant, because the market potential is massive and sustainable. Every year, around 130,000 hot water heaters are replaced or installed in New Zealand - a $550 million annual market."

Ecobulb, in partnership with Australian firm Emerald, started offering heat-pump hot-water systems in Christchurch six months ago. They are now installing them at a rate of one a day, which Mardon says matches the combined total of other firms operating in the city.

"About 1 per cent of hot-water heaters installed in New Zealand homes are HPWHs. About 2 per cent of the hot-water systems currently being installed in New Zealand homes are HPWHs."

New Markets

The three-month capital-raising, to wholesale investors only, will be used to fund expansion into the Queenstown and Wellington markets, with Auckland and Hamilton soon after.

"We are targeting these markets because they have high uptakes of gas hot-water heaters," Mardon says.

He would not say how much money the firm is seeking to raise.

Market growth for heat-pump hot-water systems could follow the same pattern as space-heating heat-pumps did, he says.

"Thirty years ago, heat pumps for space heating were a niche product in New Zealand homes. Today, they're common. The same shift is now under way for hot water systems."

Mardon says that in New South Wales, HPWH installations grew 25-fold in four years - from fewer than 3000 units annually to almost 70,000. The current installation rate in New Zealand is 2000 a year,