I work with a guy who lived in a maisonette for a while. Both boilers were in his part of the building. He managed to leave his immersion heater on 24/7 for like a year because he thought it was the other maisonette’s water tank. His water was absurdly hot and his leccy bill was astronomical and he couldn’t understand it.
They are actually perfect, near 100% efficient. Every watt of energy consumed is turned into heat.
The problem is that electricity is typically 4+ x more expensive than gas per unit... So its expensive to heat water this way.
With a high enough COP (4+) this makes sense, but you will struggle to get the water really hot. Generally heatpump till efficiency falls to COP 2 ish then immersion after that, or solar hot water all the way.
In both cases, if you have (enough) solar panels then this can be done for free when the sun shines, converting sunlight to electricity to heat water. We do this and for about 6 months of the year spend nothing on heating water
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