Comment by matwood
I think a heat pump only for water isn't the right way to go. In the EU, new systems I see use a single heat pump for all heating and cooling in the house including heating water.
I do miss my natural gas on-demand water heater from when I lived in the states though. Unlimited hot water was nice, and it took up almost zero space.
While they are not as efficient or flexible, they are many times more efficient than resistive electric water heaters. I've installed one with in house air intake (due to construction reasons) in my house and it cooled down the basement by a few degrees (and removed air moisture as an added bonus). In summer the thermal capacity of the ground heats up the basement again, in winter it's a bit cooler, but it still works efficiently.