A hot water supply system wherein a flow of a refrigerant on a high-pressure side of a supercritical heat pump cycle and a flow of hot water are oppositely directed, and wherein water heated by the refrigerant on the high-pressure side is stored in heat insulating tanks of a vacuous and double structure. Water is heated with heat absorbed from the atmosphere and by the supercritical heat pump cycle having a high heat exchange efficiency &eegr;, to reduce the power required to heat the water. Therefore, hot water can be generated even in the daytime during peak power rates. Accordingly, because it is unnecessary to store hot water for daytime use in insulated tanks, system space requirements are reduced.