Water heaters are used to heat water hotter than its initial temperature so that it can be put to a wide range of uses. In modern times, some water heaters still have tanks, which are used to store the hot water. However, there are also water heaters that are tankless in nature, meaning that they heat the water as it is needed. Both options have their upsides and downsides. For example, water heaters with tanks are cheaper, but in exchange, there are storage costs as well as the potential for the stored hot water to run out. In contrast, water heaters without tanks are more expensive upfront, but in exchange, they can mean significant savings in the long run. Regardless, whatever it is that people choose, water heaters are important parts of their home, meaning that they merit an increased measure of consideration.
How Much Does a New Water Heater Cost?
The cost of a water heater can see incredible variation. In fact, there is one source that estimates that the usual range for a water heater will run from around $750 to $1,400, with the average being around $1,067. However, there are outliers as well, which can run from $320 on the low end to $12,000 on the high end. With that said, these are nothing but generalizations, which is why interested individuals should conduct more thorough research based on the exact kind of water heater that they are interested in.
Generally speaking, the average cost of a water heater with a tank is something along the lines of $889, which includes the cost of installation. In contrast, the average cost of a water heater without a tank is something along the lines of $3,000, which includes the cost of installation as well. The difference in the prices for these two kinds of water heaters should make the gap between them very clear, thus providing interested individuals with some much-needed food for thought.
However, these are upfront costs. For something like a water heater, comparing potential options based on nothing but upfront costs would be a mistake because most people are expecting to use them for years and years to come. In turn, this means that they will be paying the costs of that use for years and years to come as well, meaning that they need to consider what they can expect to pay on a regular basis. Once again, there are multiple options because different water heaters can use different sources of power, which in turn, means different costs over time. For example, an electric-powered water heater can cost $6,248 over the course of a 12-year span, while a gas-powered water heater of similar capabilities can cost $4,979 over the same period.
It is interesting to note that some people choose to set up solar-powered water heaters as well, but the problem is that estimating their costs can be an even bigger challenge than estimating the costs for other water heaters that run on other sources of power. Generally speaking, solar-powered water heaters are expensive, so much so that they start at $1,000. However, the exact savings that can be had by using them can see significant variation depending on people’s usage patterns as well as the suitability of their locations for solar power use.
Should You Buy a New Water Heater?
Be warned that there are other factors that need to be considered when choosing water heaters. For example, there is no point in choosing a water heater unless it can provide enough hot water to cover the potential buyer’s hot water needs. Due to this, people who are unsure about all of the things that they need to consider might want to consult a water heater specialist, who should be able to provide them with a better perspective on the whole situation.
Speaking of which, interested individuals need to decide whether they need a water heater as well. Generally speaking, they can do so by comparing the expected costs of each option. Often, paying to repair a water heater can be a smarter and more sensible choice, but there will be times when it makes more financial sense to just get something new installed, no matter how high the upfront cost might be.