With Americans already shelling out over $5,500 each month toward expenses, the last thing you want is an unexpected appliance problem. But if your water heater breaks down, you don’t want to be stuck taking cold showers. Do you know how much you’ll need to cover a replacement water heater?
Read on to find a hot guide to the average cost of a new water heater!
Compare Tank and Tankless Options
Most American homes have tank-style water heaters. If you’ve ever seen a cylindrical unit in your furnace area, you’re looking at your water heater! You can expect this type of water heater to last around a decade.
If you’re concerned about affording a water heater, go with the tank-style heater. For a smaller unit, you can keep the total cost of the unit plus installation at around $500. And even bigger units won’t creep much past $2,000.
On the other hand, if you go with a tankless water heater, you’ll pay more. Tankless water heaters chew up less floor space, making them an ideal option in tighter spaces. Perhaps even more importantly, they don’t need to keep a large tank of water continuously hot to power a warm shower.
That’s because tankless water heaters heat the water as it travels through the pipes. It’s also worth noting that one of these water heaters will last twice as long as the tank-style heaters.
Know that the efficiency of a tankless heater comes at a price, though. You’ll spend at least $1,000 for a smaller unit plus installation. Larger units easily can hit a few thousand dollars.
Factor in the Type of Water Heater
The type of water heater also impacts the water heater cost. For instance, you can find electric, natural gas, and propane water heater options. Smaller units can go for as low as $500.
If you’re looking to stay within a tighter budget, go with an electric water heater. These tend to be a few hundred dollars cheaper than gas water heaters. Plus you won’t need to spend additional money on venting or difficult installations.
Keep in mind that natural gas is less costly than electricity. So, you could end up paying less in your utility bills over time if you go with the gas unit. You’ll just need to pay more upfront.
Don’t Overlook the Size
When you’re looking for a new water heater, size matters. For a tank-style heater with a 100-gallon capacity, for instance, you’re going to pay a few thousand dollars. But if you go with a heater that has a 30-gallon capacity, you could pay one-third of that cost.
It’s critical to know what size you need to power your household. Generally speaking, you can go with a 50-gallon unit if you’re in a household that has three people. If you have a bigger household, however, you may want to inch closer to 100 gallons.
And for a household with just one or two people, you may spend under $500 for a smaller unit. Be aware that buying an oversized unit can be a costly mistake. After all, you’ll need to pay to run it, regardless of whether you need its capacity.
If you’re unsure of the appropriate size or have questions, a reputable plumber can help. We Do Water Heaters can provide advice about installation, brands, and types!
Check the Vent Options
If you go with an electric water heater, you won’t need to worry about a vent for the exhaust. But with a gas water heater, you’ll need a method to get rid of the exhaust. You can go with either a direct vent option or a power blower.
Expect to pay more for the power blower venting option since one of these will need electricity plus a fan. These options do, however, offer the advantage of being more energy efficient. Just be aware that you could end up spending up to $1,000 more for the installation of this type of unit.
By contrast, you can save money by going with direct venting. This method of venting uses a chimney or flue pipe to release the exhaust.
Consider Water Heater Installation
How much is a water heater? Remember that the cost of installation will be added to the cost of the unit itself. And the cost of labor will depend on the plumber doing the job.
Some plumbers may charge $50 per hour, while others could approach $200. It’s wise to ask about hourly rates when you’re trying to select the right servicer for a new water heater. In addition, if you need any electrical work to accommodate a power blower vent, you could be paying up to $100 per hour for an electrician.
In total, the cost of labor could be anywhere from $200 to $2,000. Make sure you get an itemized quote that breaks down labor charges. And ask if it will cost extra to remove and dispose of your existing water heater.
With labor and the new unit factored in, expect to pay at least $1,000 for an average new water heater. But if you go for a high-end system with greater capacity and complex installation, you could pay over $10,000. This cost includes electrical work and gas line installation, as well.
Understand the Cost of a New Water Heater
The cost of a new water heater hinges on several factors, including the type of unit as well as its size. You’ll want to investigate venting options and additional costs to remove or relocate a water heater. You’ll also want to be clear on the cost of the installation.
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