Are you tired of constantly paying for repairs on your old, inefficient water heater? It may be time to consider a replacement. However, before you do so, it is important to fully understand both the costs and the benefits associated with such a purchase. In this comprehensive guide, we will discuss the different factors that can affect your new water heater replacement costs and explain some of the most popular water heater replacement options.
Factors Affecting Water Heater Replacement Costs
When discussing water heater replacement costs, it is important to keep in mind that several different factors can have a significant impact on the final cost. Some of the most common factors that tend to increase water heater replacement costs include the type of water heater being purchased, the location of buying, the brand name of the unit, and the labor required to install it. In addition to these factors, the energy efficiency of a particular water heater can also impact its final cost.
Types of Water Heaters
When choosing a water heater replacement option, one of the most important decisions you’ll have to make is determining the type of water heater you’d like to purchase. The most common types of water heaters include storage tank water heaters, heat pump water heaters, tankless water heaters, and solar water heaters.
Storage tank water heaters are often the most affordable option and come equipped with a large tank that can hold up to 50 gallons of water. However, these units tend to be less energy efficient than some of the other options, and are typically the most expensive to run.
Heat pump water heaters are also becoming increasingly popular. These units use heat from the air to warm up water and tend to be much more energy efficient than storage tank water heaters. While they might cost a bit more upfront, the savings on energy bills can make them a wise investment in the long run.
Tankless water heaters are also a popular choice as they only heat up the water when a tap is turned on. This makes them much more energy efficient than some of the other options. However, they tend to be much more expensive upfront and the installation costs are often higher than those for a storage tank water heater.
Likely Costs for Water Heater Replacement
When it comes to the costs of a water heater replacement, the final price can vary significantly depending on the type of water heater being purchased and the location of buying. As a general rule of thumb, you can expect to pay anywhere between $400 and $2,000 for a new water heater. While the upfront costs for tankless and heat pump water heaters might be significantly higher, the energy bill savings associated with these units can often make them a better long-term investment.
In addition to the cost of purchasing a new water heater, you will also likely need to pay for labor to have it installed. Installation costs can also vary significantly depending on the type of water heater being purchased and the location of installation. On average, you can expect to pay between $200 and $1,200 for installation costs, so be sure to keep this in mind when budgeting for a new water heater.
Additional Costs to Consider
In addition to the upfront costs of purchasing and installing a new water heater, there are a few other expenses you’ll need to keep in mind. For example, if you are switching from a storage tank water heater to a tankless or heat pump unit, you’ll need to have a professional plumber come out to relocate your existing hot and cold water lines. You may also need to have a professional electrician come in to make sure your home’s electrical system is up to code for the new unit.
In addition to these expenses, you will also likely want to consider purchasing an extended warranty for your new unit. An extended warranty can provide you with additional peace of mind by covering the cost of any repairs or service calls that may be necessary in the future. However, be sure to carefully read the fine print before buying an extended warranty, as not all warranties are created equal.
Conclusion
When it comes to water heater replacement costs, there are many different factors that can impact the final price. The type of water heater being purchased, the location of buying, the brand, the energy efficiency of the unit and the installation costs are all important considerations. While upfront costs for a tankless or heat pump unit may be higher, the potential energy bill savings associated with these units can make them a wise investment in the long run. In addition to these costs, you’ll also need to consider additional expenses such as relocation of hot and cold water lines and the purchase of an extended warranty. With all of these factors in mind, it is important to carefully weigh your various options before making a final decision.
