Calculating the Cost of a Hot Water System: A Guide for Homeowners

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What happens if your hot water system suddenly fails? After the sobering shock of a cold shower, many homeowners look for a replacement as quickly as possible. However, taking the time to choose the right hot water system can save you money in the long run. 

Use this guide to calculate the cost of a hot water system for your household.

Which Factors Affect the Cost of a Hot Water System? 

Keep the following variables in mind while you budget for a new hot water system: 

The Type and Size of The Unit 

An electric storage water heater, i.e., with a tank, costs between $450 and $1,900, while a tankless or instant system costs $660 to $1,400. A gas system can cost between $850 and $1,800, while a heat pump system costs $3,300 to $4,600. 

A solar water system is the most expensive, starting at $3,600 and up to $6,800 for an electric or gas backup system. However, solar is ultimately the ideal system to reduce your household’s carbon footprint and save energy bills in the long term.

Delivery Costs 

Some water systems weigh 15 kg and are easy to carry. In comparison, others weigh more than 150 kg and require more experienced technicians to install. At the same time, if your home is far from your service provider, expect to pay extra for transportation. You’ll also pay more if your property needs a crane to haul up the heater or if it has no lifts for the crew to use. 

Hot Water System 1

Disposing of Your Current System 

Expect to add between $60 and $77 for safely disposing of your old hot water system. This includes draining the water tank, removing fittings, and recycling the metal parts. You can save this cost by choosing a service provider who adds disposal to their quote or finding a local scrap metal dealer that accepts water heaters. 

What Does Hot Water System Installation Usually Cost? 

Replacing a hot water system is never a DIY project, so hire a professional installer. The general rule is that replacing a system with the same type in the same spot costs less than getting a new system or moving it to another position. If you’re keeping your brand or size of the hot water system the same, installation may cost between $260 and $690. 

On the other hand, if you wish to upgrade your water system from gas to solar, installation costs go up because of additional plumbing and electrical work. This costs between $1,500 and $3,000 on top of your water system price. If you’re installing the new system in a new spot, the extra plumbing and wiring may cost between $1,100 and $2,100.

Hot water installation is essential for every home, but often a straight switch-out isn’t enough to replace a system. Consider the different types of hot water systems available, government rebates and incentives, and services included by your installation company to save on costs. This way, you get the most efficient water system that lasts for decades, bringing your energy bills down over time.

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