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How Much Does a New Water Heater Cost?

Due to the wide variety of water heaters available today, it can be hard for you to know which model is right for your home, both in terms of cost and performance. The water heater that you ultimately choose for your home will depend on several factors, including whether the heater runs on gas or electricity.

Before you make any purchasing decisions, it’s important that you examine all the information to make sure that you’re getting the right water heater for you and your family. Here are a few factors that can affect new water heater cost that you should be aware of when you’re looking for the right heater for your home.

 

Tank Water Heaters and Tankless Water Heaters

Tank water heater systems have served people for well over a hundred years. If you’re home has a traditional tank unit, then you have fifty gallons or more of water stored at all times, providing for a high level of reliability. Additionally, recent updates in technology have increased the efficiency of most traditional heaters. However, despite these innovations, traditional heaters aren’t as efficient as their tankless counterparts, often resulting in higher energy bills.

Tankless water heaters heat the water in your home on demand, providing a virtually endless amount of hot water. A tankless system is extremely energy efficient, as it wastes only about 5% of hot water—in comparison, traditional systems can waste up to 30%.

When examining new water heater, you should understand that a traditional water heater is significantly cheaper to purchase and install. The average price, including installation, of a traditional water heater is less than $1,000, whereas a tankless system can run around $3,000.

Tankless systems, however, can last several years longer and will provide substantial savings in the long term. You could potentially save up to 25% on your water heating expenditure by using a tankless system as opposed to a tank water heater. Each has its pros and cons and deserves to be taken into consideration.

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Gas and Electric

If you are looking to replace a water heater in a pre-existing home, you are probably already hooked up to gas or electric, perhaps both. Although it’s possible to change the power source for your home’s water heater, this can add to the already tremendous expense of purchasing your new unit.

In terms of energy efficiency, electric water heaters are about 90% efficient, compared to a gas water heater, which is only about 70% energy efficient. However, with the price of electric energy being higher than that of natural gas, the long term price comparison means that gas water heaters are the most cost efficient.

Upon initial purchase, gas water heaters tend to be slightly more expensive, with similarly sized tanks costing about $350 for electric and $400 for gas. Again, there are many size and energy variants, and these variants can dramatically change the costs of your water heater.

 

What is Right for Your Home?

Your decision about which type of tank to purchase will be largely dependent on the size of your household. You should first calculate the gallons of water your house will go through at peak hours and find the option that best suits your needs.

The most obvious factor in this equation is the number of people in your household. For single member houses or smaller families, tankless water heaters are the most energy and cost efficient. For larger families, consider the massive storage capabilities of a tank system.

 

Get the Best New Water Heater Cost Possible

No matter the water heater you choose for your home, you want to make sure that you get the best price possible. Ideally, you’ll be able to strike the perfect balance between low installation/unit cost and high efficiency. Examine new water heater cost before you make a purchase to make sure you’re getting the most bang for your buck

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