If you have ever had the hot water go out on you while taking a shower, you know how important it is to have a high-quality water heater in your home. Hot water is also essential for washing clothes and running the dishwasher. Most homeowners will need to replace their water heater at least once. Fortunately, the cost of a new water heater is one of the lower replacement costs you will face as a homeowner.
Average Price of a New Water Heater
According to Angi, the average new water heater cost at $1,190. The price of a water heater can range between $810 to $1,570, depending on whether you upgrade to a tankless water heater or replace your old model with something similar.
You also need to add the cost of installation. The average hourly rate for water heater installers is $45 to $150 per hour depending on experience level, difficulty of the job, and area of the country where you live.
The total cost range for purchasing and installing a new water heater from 13 major cities in all regions of the United States. Homeowners in Denver can expect to pay the most with a cost range of $985 to $1,900. At the other end of the price scale is Chicago with a range of $750 to $1,250.
Should You Invest in a Tankless Water Heater?
Tankless water heaters cost an average of $1,000 to $3,000 more upfront than a gas or electric water heater. However, you will recoup your return on investment over the lifespan of your tankless water heater in lower energy costs. Most tankless water heaters last at least 20 years before requiring replacement. Another benefit of investing in a tankless water heater is that you do not need to wait for your water to get hot.
Keep in mind that installing tankless water heaters is complex and requires knowledge of gas lines, electricity, and venting systems. You will need to hire an experienced professional for the job.
What About Solar Water Heaters?
This can be a practical solution if you plan to live off-grid, but it’s not something you would necessarily want in a residential neighborhood. The upfront cost of a solar water heater is high due to the installation costs that range from $1,800 to $5,500. However, the cost can run as high as $13,000 based on the model and whether you can find a contractor with the right experience to install it.
Other Factors That Influence Hot Water Heater Cost
The size of the water heater and its location in your home also determine how much you will pay for purchase and installation. Families should base the size of their water heater on the number of people who live in their home. For more information, head over to Angi to find a water heater repair company near you.
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