Is it time to replace your old water heater, and you’re wondering how much it costs?
Well, there is straight answer to the question: how much does a water heater cost? Because it all depends on what type of water heater you’re purchasing.
More precisely, there are several factors that affect the price of a water heater: when you know what they are, you know how to optimize features and price when you purchase your next water heater.
Factors involved in the water heater price
Before digging into the average prices for each type of water heater, let’s take a look at the factors that are involved in the water heater’s price.
- Tankless or tank-based. This is probably the main aspect that decides the cost of your new power heater. Tankless water heaters are way more expensive than the alternative. They can even cost two or three times the price of a tank-based water heater. However, they may be more expensive, they are more energy-saving, and they are more durable. In the long term, therefore, the tankless unit could be the cheapest option.
- Efficiency rating. As you may know, every home appliance comes with an efficiency score. High-efficiency models are better because they cut down your monthly expenses, but they are more expensive.
- Size: of course, the bigger your water heater, the more expensive it’ll be. In particular, if you’re purchasing a tank-based water heater, there can be a lot of difference between the price of a small unit and the one of a bigger unit.
- Gas or electric unit. Electric units are cheaper, but they determine a higher cost in the long term.
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How much does a water heater cost?
The average price for a tank-style water heater is around $1500. It could be lower if you purchase a small electric water heater. It could be higher if you’ve opted for a big tank-style gas water heater.
Tankless water heaters can cost about $2000. The price for tankless water heaters doesn’t vary as much as tank-style units because there are fewer variables at play.
Tankless water heaters, for example, are almost certainly gas units, and their dimensions don’t vary a lot (they don’t need to store water).
When you are replacing your old water heater, you should never limit the price of the new unit because there will be additional costs.
The main additional cost is the installation: the company that sells the unit usually takes care of the installation, but it won’t come for free.
You can consider between $150 and $600 of additional installation cost. If you’ve opted for a tank-based unit, the installation would be cheaper; if you have a new tankless water heater, the installation will be more expensive.
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When thinking about what type of water heater to purchase next, make sure you take into consideration:
- the price of the new unit
- the expenses in the long term (energy efficiency)
- the installation costs.
Shefali Jain is a Content Editor & Writer at National Planning Cycles.
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes.