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1. A system for conditioning air and heating liquid, the system comprising: a space conditioning system comprising a refrigerant circuit fluidly connecting a compressor, a first heat exchanger, a second heat exchanger, a third heat exchanger, an expansion valve, and a reversing valve, the refrigerant circuit comprising a conduit and a plurality of control valves configured to direct refrigerant along the refrigerant circuit; a liquid heating system comprising: a liquid heating device; and a liquid circuit fluidly connecting the liquid heating device and the first heat exchanger, the liquid circuit (i) comprising a conduit configured to direct liquid along the liquid circuit and (ii) being fluidly separate from the refrigerant circuit; and a controller in electrical communication with the space conditioning system and the liquid heating system, the controller configured to: determine a demand of the space conditioning system; determine a demand of the liquid heating system; and in response to determining the demand of the space conditioning system and the demand of the liquid heating system, output instructions to the plurality of control valves to direct the refrigerant through the refrigerant circuit and direct the liquid through the liquid circuit to simultaneously condition air and heat the liquid.
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