Many consumers opt to have electric water heaters installed in their homes opposed to natural gas water heaters or propane water heaters. They are currently some of the more popular home water heaters on the market. Electric water heaters are energy efficient water heaters, they are more efficient than gas hot water heaters. They generally cost the consumer less money to operate, many can provide instant hot water and they can add value to a home. The overall cost associated with having an electric water heater installed depends on several factors including capacity of the water heater chosen and the energy efficiency of the unit.
Types of Electric Water Heaters
Currently, the market offers a few different types of electric water heaters that consumers can have installed in their homes. Each type of electric water heater offers advantages and disadvantages. Some of the more popular types of electric water heaters on the market include standard tank electric water heaters, which can hold several dozen gallons of water at a time, tankless electric water heaters and electric heat pumps. Consumers have access to electric residential water heaters, which are ideal for the home as well as electric commercial water heaters, which are ideal for commercial-type settings.
Cost of an Electric Water Heater
Electric water heater costs can vary dramatically between manufactures such as General Electric and Rheem. Bosch is another company that manufactures water heaters. Consumers have access to electric Bosch water heaters and electric Bosch tankless water heaters. Tank electric water heaters traditionally cost anywhere between $100 and $600 depending on the size and manufacturer of the water heater. If the consumer wants a water heating system that features no big, bulky tank, they can install a tank-less water heater.
Electric tankless hot water heaters can cost anywhere between $200 and $1,200 depending on the manufacturer. Electric heat pumps can be employed to heat and distribute hot water throughout the home if neither of the previously mentioned electric water heaters is wanted. A heat pump electric water heater can cost anywhere between $600 and $2,000.
Installing an Electric Water Heater
It is recommended that consumers who wish to have an electric water heater installed in their home seek professional installation because of the complexities associated with hooking up an electric water heater into a home’s water distribution system. Having an electric water heater professionally installed can cost the consumer between $200 and $400, having an electric heat pump installed professionally can cost between $300 and $700.
Energy Savings With Electric Water Heaters
Employing an electric water heater in the home instead of traditional gas water heaters can save the consumer hundreds of dollars per year. Consumers that currently pay $0.08 per kilowatt-hour for electricity can expect to pay about $390 per year to operate their electric water heater. This averages out to a little over $1 per day. Installing certain types of electric water heaters made by certain manufacturers may entitle the consumer to certain tax credits.
Sources:
Consumer Energy Center: Water Heaters
Cost Helper: Replacing a Water Heater Cost
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