In a normal home it will save 20-25% of the electricity bill and are generally more efficient for larger bodies of water.
They work opposite to what an air conditioner does, taking ambient air, drawing it through the unit and heating the water, returning to the geyser or body of water and heating it.
Most commonly used in areas where its difficult to place a solar geyser system, eg. apartment blocks with individual geysers, or where aesthetics are important.
The Heat Pumps are also very useful in heating larger bodies of water like boilers or for industrial usage. they can be used in conjunction with an Evacuated Tube System to achieve the most absolute efficient manner to heat water.