When you’re in the market for a new water heater, you want to know exactly what you’ll have to pay. There should be a simple answer to this question right? Well, the typical cost of a new water heater ranges widely on average from $811 to $1566. Obviously, that’s a very wide range. So what can affect exactly how much you’ll be paying? Read on to get a better idea.
Tank Vs Tankless
When in the market for a new water heater, one of the first things you want to consider is whether you want a water heater with a tank or one that is tankless. There are pros and cons to both and the decision will have a big effect on your budget. Most US water heaters have tanks, partly because tankless water heaters are much more expensive. They are also not the best choice for homes in extreme climates. That being said, they are smaller, require less energy and last longer than tank-style. On average, a tank-style water heater will cost between 700 and 2000 dollars to install whereas a tankless water heater will run you 1000 to 3000 dollars. Consider which would be best for you to set your budget.
Location
Like everything else we pay for, where you live will have a big effect on your water heater replacement cost. Obviously, the geographic location of your home affects fuel prices and the climate will affect energy efficiency and the temperature of the water entering your home. This will affect the type of water heater you’ll want to invest in and the cost of the investment. Aside from that, the location of the water heater in your home will affect labor prices. If your water heater is in a hard to reach spot, you can expect a hire cost for installation.
Size
The cost of your water heater replacement will also depend on the size of the water heater you want. Tank-style water heaters range in size from 20 to 80 gallons with the average being 40. A 40 gallon tank is sufficient for a two person household but if there are a lot more people living in your house, you might want to consider a larger one. Smaller water heaters tend to run from 270 dollars to 900 dollars whereas larger ones can be upwards of 3000.
Type
You have two options in types of water heaters: one that runs on natural gas or one that runs on electricity. Water heaters that run on natural gas tend to be more expensive to install but are often cheaper in the long run because of the cost of electricity. Electric water heaters work better in confined spaces so consider what will work best in your home before budgeting on this point.
There are a lot of factors that can affect your budget when calculating the cost of your new water heater. There are many things you need to consider but Mitchell Heating can help you find the perfect water heater for your home. To get a better idea about the cost of replacing your water heater check out our website here.
