Replacing a water heater is an investment worth making for your home. Water heaters can last anywhere from 8 to 15 years or more depending on usage and other factors. If yours is on the verge of failing or already in need of replacement, however, the cost can be significant.The average cost of replacing a water heater will depend on the type of system and size of your home. In general, however, you can expect to pay anywhere from $500 to $10,000 or more for a new unit. The average cost is usually closer to $800 for a standard unit and $1,500 for a high-efficiency model.Keep reading to learn more about factors that can impact the cost of a new water heater as well as information on how to finance your purchase if you need help paying for it upfront.
Reasons for replacement
There are a number of reasons why you might want to replace your water heater. It may have reached its useful lifespan, or it may have experienced some unexpected problems. For example, if your water heater has been leaking, it may have started to damage surrounding walls, floors, and ceilings. The good news is that it can be repaired by a plumber. It may also have experienced a significant decrease in efficiency. While older models often reached the end of their useful lifespan, newer models are expected to last between 10 and 15 years with little or no maintenance required.A water heater can experience a sudden drop in pressure if it is connected to an improper fitting, such as a copper pipe that gets too hot. This can be devastating to your home, and it requires a plumber to fix quickly.There are also several other reasons why you might need to replace your water heater. If your water bills are high, it could be that your heater isn't properly sized for your home. If your home has a crawl space, the water heater could be leaking into it. If your home is in a flood zone, you may need to replace it due to elevated lead levels. If the water in your home is discolored, it could be due to a faulty carbon filter. These are just a few reasons why you might need to replace your water heater.
Determine what type you need
There are three main types of water heaters: storage, hybrid, and conventional. These three types are defined by how they use energy. Storage water heaters store energy (usually from a natural gas source) and use it later to heat water. This is the most common type of water heater, accounting for about 80% of the market.Hybrid water heaters use both electricity and natural gas. They are most commonly used in areas where natural gas isn't available.Conventional water heaters use electricity to heat water. Because they don't store energy, they must be used in close proximity to a source of electricity.
Determine size and efficiency
Determining the right size for your water heater is an important decision. The typical size for a new water heater is 15 gallons or more. If you have a large family, a larger model may be necessary to provide enough hot water. The efficiency of a water heater is measured by its coefficient of performance, or how much energy it uses per unit. The US government recommends a coefficient of performance of .82 gallons per kilowatt hour. Anything below this will save you money in the long run.If you're in the process of replacing a water heater, it's a good idea to have a professional come out to do an energy audit of your home. This will help you determine the best size and efficiency for your situation.
Consider the cost of gas versus electric
If you're replacing an electric water heater, you can expect to spend about $300 more than a similar model that runs on natural gas. Electric water heaters are typically more expensive to install and have slightly higher maintenance costs. If you have a natural gas source in your home, however, you can avoid higher costs by installing a conventional water heater.In addition to the difference in price, a natural gas water heater can be up to 10 times more efficient than an electric one. This will reduce your overall water bill significantly.
Decide if you want a tankless or a traditional unit
A tankless water heater is a great option if you want to reduce the size of your water heater or if you have limited space in your home. These units have a limited lifespan of 10 years, however, so you may need to replace them more often than a traditional unit.A traditional water heater is the most common type of unit, and it typically has a lifespan of 15 to 20 years. It is also the most expensive unit to purchase, making up to $2000 more than a standard model. There are a few ways to reduce the cost of the unit, however, including installing a higher efficiency model, installing a smaller-capacity unit, and choosing an installation method that doesn't require the use of an expensive vent pipe.
Summing up
Replacing your water heater is an important investment, and there are many factors to consider when comparing models. When you're ready to purchase a new unit, be sure to shop around to find the lowest price. It's also a good idea to have a professional come out and perform an energy audit of your home. This will help you determine the best size and efficiency for your situation.