How Much Does a Heat Pump Cost in Geelong?
2026 iStore and Reclaim prices, running costs and payback, from your local installer
Prices checked September 2026 and subject to change
The Short Answer: What Geelong Homeowners Pay
Most Geelong homeowners end up choosing between two very different options. Families who want the lowest upfront cost go with an iStore, typically $3,900 to $4,500 installed for the popular 270L before rebates. Households who want the quietest, most efficient system for the long haul choose a Reclaim CO2, typically $7,200 to $8,300 for the 315L.
Rebates change those numbers a lot. For an eligible owner-occupier replacing an old tank, an iStore 270L usually ends up around $1,950 to $2,550, and a Reclaim 315L around $4,850 to $5,950. Either one then costs a fraction of an electric tank to run, which is where the real return comes from.
Below you’ll find our current price ranges for every iStore and Reclaim model we install, what the price includes, realistic running costs on Powercor’s 2026–27 tariffs, and how long each system takes to pay for itself.
2026 prices at a glance
Installed prices for standard Geelong installations. After-rebate figures assume an eligible owner-occupier receiving STCs, the VEU discount and the Solar Victoria rebate.
Heat Pump Prices: iStore and Reclaim
We focus on two heat pump brands, iStore and Reclaim Energy, so we can price them closely. The ranges below cover a standard supply and install, removal of your old unit and all compliance paperwork. Where your home sits within each range depends on access, the distance from your switchboard and whether you’re replacing gas or electric.
iStore heat pumps
Reclaim Energy heat pumps
All prices are indicative for September 2026 and subject to change with supplier pricing, government rebate rules and site conditions. After-rebate estimates assume an eligible owner-occupier receiving STCs, the VEU discount (about $350 to $400) and the Solar Victoria rebate. See our Victorian heat pump rebates guide for who qualifies.
What’s Included, and What Can Change the Price
Included in a standard install
- The heat pump and tank, delivered and positioned
- Connection to your existing hot and cold water pipes
- Tempering valve and plumbing compliance certificate
- Electrical connection to an existing suitable circuit
- Removal and recycling of your old system
- STC, VEU and Solar Victoria paperwork
What can add to the price
- A new dedicated electrical circuit
- Moving the system to a different spot
- A new concrete pad or base
- Long pipe runs or tricky access
- Double-storey or elevated installs
- A gas fitter to cap off an old gas system
We check every one of these at a free on-site visit, so your written quote is fixed. You won’t find a surprise line on the invoice.
The 10-Year Cost of Hot Water in Geelong
The sticker price is only half the story. This is what hot water costs a typical 3 to 4 person Geelong household over 10 years, adding the after-rebate price to a decade of running costs. The old electric tank looks free today, but it’s by far the most expensive option.
How Long Does a Heat Pump Take to Pay for Itself?
Payback depends mostly on what you’re replacing. An electric tank on a flat tariff is the most expensive system to run, so swapping it out pays back fastest. If your tank already heats overnight on a cheaper controlled load tariff, the savings are smaller and payback takes roughly twice as long.
Gas is its own case. The Victorian Government estimates many households save around $400 a year switching from gas, and if hot water is your last gas appliance you can close the account and stop paying the daily supply charge too. With the 2027 rule requiring broken gas systems to be replaced with electric in most cases, it makes sense to plan the switch while the rebates are available.
These payback estimates use the same assumptions as the 10-year chart above.
iStore 270L replacing an electric tank on a flat rate
iStore 270L replacing an electric tank on controlled load
Reclaim CO2 315L replacing an electric tank on a flat rate
Reclaim CO2 315L replacing an electric tank on controlled load
Estimated payback after rebates, running on grid power in the solar soak window. Running on your own solar shortens each one. Estimates only.Subject to change
iStore or Reclaim: Which Gives the Better Return?
We install both because they suit different homes, and we’re happy to tell you when the cheaper one is the right call.
Choose iStore if you want the fastest payback and the lowest upfront cost. It’s an all-in-one unit, so it usually slots straight into the spot where your old tank sat, and for most families on a budget it’s the sensible choice.
Choose Reclaim CO2 if you’re staying put for the long term. The split design keeps the compressor away from the tank and runs very quietly, which matters if the system sits near a bedroom window. The CO2 refrigerant keeps its efficiency better on frosty mornings in places like Lara and Bannockburn, it carries a longer tank warranty, and it’s Australian-made, so it qualifies for the full $1,400 Solar Victoria rebate (iStore is capped at $1,000). We install Reclaim’s all-in-one units too, which are also eligible for the full $1,400.
A Geelong Tariff Tip: Heat Your Water Between 11am and 4pm
Here’s a tip most quotes won’t mention. Powercor, the network that supplies Geelong, the Bellarine and the Surf Coast, now has a cheap “solar soak” window every day from 11am to 4pm on the Victorian Default Offer time-of-use tariff. Many retailer plans follow the same pattern.
Both iStore and Reclaim systems can be set to heat during that window, so even without solar panels you’re heating water at the cheapest grid rate of the day. With solar, the same timer lets the heat pump soak up your own daytime generation instead. We set this up for you on installation day.
Rates are Powercor 2026–27 Victorian Default Offer time-of-use prices including GST, set by the Essential Services Commission. Your own plan may differ and rates are subject to change.
Heat Pump Cost FAQs
How much does a heat pump cost in Geelong in 2026?
Installed, before rebates, an iStore heat pump costs about $3,000 to $4,500 and a Reclaim heat pump about $6,570 to $9,500, depending on model, tank size and your site. After STCs, the VEU discount and the Solar Victoria rebate, eligible households typically pay about $1,050 to $2,550 for an iStore and $4,244 to $7,150 for a Reclaim. Prices are indicative and subject to change.
Is a Reclaim heat pump worth the extra cost over an iStore?
On pure payback, iStore usually wins because it costs less upfront. Reclaim costs more but is much quieter, keeps its efficiency better in cold weather, uses a natural CO2 refrigerant, carries a longer tank warranty and, being Australian-made, qualifies for the full $1,400 Solar Victoria rebate. If you plan to stay in the home long term, or noise near a bedroom matters, Reclaim is often the better long-term buy.
How long does a heat pump take to pay for itself?
Replacing an old electric tank on a flat tariff, our estimates put payback at around 2.5 years for an iStore 270L and around 6 years for a Reclaim CO2 315L after rebates. If your old tank is already on a cheaper off-peak or controlled load tariff, payback roughly doubles. Running the heat pump on your own solar shortens it.
How much does a heat pump cost to run in Geelong?
For a household of 3 to 4, we estimate about $150 to $175 a year on Powercor’s 2026–27 solar soak rate, or around $40 a year in lost feed-in credits if it runs on your own solar. A standard electric storage tank on a flat rate costs around $1,080 a year for the same hot water.
What can make a heat pump installation cost more?
The most common extras are a new dedicated electrical circuit, moving the system to a new location, a new concrete base, longer pipe runs, double-storey access, and a licensed gas fitter to cap off an old gas system. We check all of these at your free on-site assessment so your quote is fixed before work starts.
Can I get rebates on an iStore or Reclaim heat pump?
Yes, if you meet the eligibility rules. Both can receive the federal STC discount and, where applied by an accredited provider, the VEU discount (about $350 to $400 on a Reclaim all-in-one). Eligible owner-occupiers can also claim the Solar Victoria rebate: up to $1,000 for iStore models on the approved list, and up to $1,400 for all Reclaim models, which are Australian-made.
Does switching from gas hot water save money?
The Victorian Government estimates many households save around $400 a year switching from gas to an efficient electric system. If hot water is your last gas appliance, you can also close the gas account and stop paying the daily supply charge, which adds to the saving.
Are these heat pump prices fixed?
No. The prices on this page are indicative ranges for Geelong installations in September 2026 and are subject to change with supplier pricing, rebate rules and your site conditions. Your written quote from Velocity Solar is the price you pay.
Fixed Heat Pump Prices from a Local Geelong Installer
Velocity Solar is a locally owned business at 42 Sun Street, Moolap. Since 2011 our own A-grade qualified team has completed more than 1,600 solar, battery and hot water installations across Geelong, Belmont, Highton, Grovedale, Armstrong Creek, Waurn Ponds, Lara, Leopold, Drysdale, Clifton Springs, Portarlington, Ocean Grove, Barwon Heads, Torquay, Jan Juc and Anglesea.
Because we focus on two heat pump brands, we can give you a fixed price after one site visit, and we handle all the rebate paperwork. For a broader look at heat pumps, see our heat pump hot water guide for Geelong.
Sources and assumptions. Price ranges reflect current Victorian market pricing for standard installations, checked September 2026. Tariffs and rebates from:
- Essential Services Commission: Victorian Default Offer 2026–27
- Solar Victoria: Hot water rebate
- Victorian Government: VEU hot water system discounts
All prices, rebates and running costs on this page are estimates and subject to change. Your written quote is the price you pay.
Get a Fixed Price for Your Home
One free site visit, one written quote with every rebate applied. No surprises on installation day.
OR GIVE US A CALL
