The effects of the cold climate have made water heaters not just a luxury but an everyday necessity for people living in cold areas. Installing a water heater, however, is always associated with a water heater cost. Only after analyzing the cost factor do, you check on the specifications and characteristics of water heaters available.
It’s not only about the installation, but when you go for the replacement, the cost factor greatly influences the choice.
Typically, the water heater installation cost along with the unit lies around $800 to $1500. Depending on the specific set of parameters or requirements, it can go much higher. For instance, if you are going for a tankless water heater, the price will go up. Similarly, if you are choosing the 80-gallon capacity water heater, the cost will be much higher than the average.
This indicates that costs can change as a result of several factors. Why not see the factors in detail so that we can estimate the total water heater cost.
Factors affecting the water heater cost
Not only about the installation and the labor charges, but the unit price itself may vary because of the differences in features, types, and availability. To sum it up, let’s break down the main points you should consider when calculating the overall water heater cost.
Cost by size
You are a family of 3 or 10 members; you are going to choose the water heater accordingly. But as the capacity of the tank increases, so is the price. A 30-gallon water tank heater will cost you around $400 – $1000, but for the 80 gallons, the price will go up to $3000 or more. Most homeowners prefer a medium-size tank with a capacity of 40 to 50 gallons that is more than sufficient for 3 to 4 people and comes with an average price of $1200.
It all boils down to the number of individuals you have in your home and their water consumption.
Gas vs. electric
Another major cost influencing aspect is the power source of the heater.
Typically, a water heater is either powered by electricity or gas. Aside from the initial cost, the running cost also matters a lot. Generally speaking, the price of electricity is much higher around the world as compared to natural gas, but it can be inverse in some places.
Solar water heaters are also available in the market and tend to be more expensive when you sum up the installation charges.
Tank or tankless
It’s not been long since tankless water heaters become a norm as they tend to be more sufficient and reliable. Tankless water heater supplies hot water on demand and does not store it as in conventional heaters. It heats up the water as it flows through the water lines.
However, we all are accustomed to tank-type water heaters, and most homeowners prefer to go for this option. Along with other elements, it is due to the cost factor as tankless type water heaters are much more expensive as compared to tank-type water heaters.
Talking about the average price, for the tank type, it is $1200, whereas, for the tankless water heater, the average cost is $1800.
Keep in mind that the average lifespan for a tank-type water heater is 8 to 12 years, and for the tank-less type, it is 15 to 20 years.
Location
You might be surprised to know that the location in the home where you will install the water heater may affect the total price. If you place a water heater on a spot that is hard to reach, the labor may charge more than usual, and that will add to the total price.
Venting system
No matter whether it’s electric or gas, you must have a venting system for your own safety and for the safety of the house. It can add up to $1000 to your bill for the venting.
Material cost
Installing a water heater requires different materials that include valves, pipes, solder, etc. Each element will be priced differently and added to the total.
Selecting your water heater
Going through each of the points discussed above will help you determine the total price when it comes to selecting your water heater. But there are a few other factors that you should bear in mind. For example, the size of your home, the fuel type, its availability, and the operational cost are few to name.
Aside from the installation; repair or maintenance costs will be additional, but it is usually measured at a later stage.
Conclusion
Cost is the deciding factor when it comes to water heater replacement or repair options; however, it varies as per different parameters. Nevertheless, you must have around $800 – $1500 in a pocket when going to purchase a water heater.
Aside from the pricing, you should also keep in mind the gallon capacity, recovery rate, and usage when selecting the water heater. As long as you are receiving hot water according to your needs, it is worth the expense.