With most people spending around $3,000 per year on home maintenance, you should keep a repair fund in your bank account. After all, anything from your foundation to your AC could have an unexpected issue. But in some cases, you might know a repair or replacement is on the horizon — and it’s time to start saving.
And unless you like cold showers, you should keep an eye on your water heater. How much does it cost to replace a water heater? Read on to find out!
Weigh a Tank Vs. Tankless Option
No water heater replacement guide is complete without differentiating between tankless and tank options. Most water heaters have tanks, which may store up to 100 gallons of water. But a tankless option takes up less space and is more energy-efficient.
Be prepared to pay for that extra efficiency upfront, however. Plumbers will need to map out your gas and water lines and do a more intricate installation.
How much money should you budget to replace a water heater? You can expect to pay over $3,000 for a high-capacity tankless water heater, whereas one with a tank would top out at $1,500.
Consider the Water Heater Size
When replacing a water heater, you’ll need to consider if you need a tank that can hold 20 gallons or 100 gallons. The common preferred size tends to be around 40 gallons, but if you need more hot water, be prepared to spend more. If you go over 80 gallons in size, you’ll probably be spending over $1,000.
And that doesn’t even include the cost of labor. You’ll want to reach out to qualified plumbers for installation and gather estimates. Some places might charge $40 an hour, while others may be over $100 per hour.
You can expect the installation process to take around 3 hours. It may be longer for a tankless water heater, though. Find more information here when you’re ready to get help replacing a water heater!
Understand the Additional Factors Impacting Cost
Several other factors can affect your bottom line on a water heater replacement cost. For example, if your water heater is going to be installed in an area that’s tough to access, you might incur an additional fee. Hauling a tank up narrow flights of steps requires more effort and teamwork.
Further, items like venting pipes and gas pipes can tack on more to the price. And you may need to pay more for a plumber to remove your old system. There’s also a chance you may need to pay for carpentry or plumbing work to ensure that the new water heater can fit and function properly.
How Much Does It Cost to Replace a Water Heater?
Still wondering, “How much does it cost to replace a water heater?” Be sure to consider the size and labor requirements as you determine the cost. And don’t forget that the type of water heater and location where it will be installed can impact how much you need to budget, too.
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