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One of the primary benefits of a heat pump water heater is how cost-effective it is. How much you save will depend on your water usage and electricity costs. That being said, we can ballpark savings for the average home of between $100 and $500 per year. You can increase that savings rate by researching and applying available energy incentives available in your area. If you really want to focus on cost, consider a tankless water heater.

Tankless water heaters are more expensive than those with a storage tank, but they come with some impressive benefits that most homeowners find worth the higher investment. Most importantly, they provide unlimited hot water, so you’ll never run out like you would with a storage tank. Tankless heaters are also more efficient, so comparing gallon-for-gallon, you’ll spend less on hot water with a tankless heater. Tankless water heaters are also smaller, require less maintenance, and tend to last longer than storage tank water heaters.

You don’t have to replace expansion tanks at the same time as your hot water heater. You may be able to go six to 12 years or more before needing to replace your expansion tank. At $150 to $450, hot water heater expansion tanks are usually much more affordable than the cost of hot water tanks themselves, which average about $1,190.

The average cost to install a new water heater is approximately $1,300, with a typical price range between $880 and $1,800. The final cost depends on several factors, including the type and size of the unit, its location and accessibility, and the amount of labor required. For example, installing a unit in a tight space like a crawl space can increase labor costs. The type of water heater significantly impacts the price: while a conventional gas heater might cost less than $1,000, tankless models can cost around $2,600 to install (and up to $3,500), and solar heaters can cost upwards of $3,700. Other factors that can affect the total price include the fuel type, vent system requirements, permits, and whether any additional plumbing work or repairs from previous water heater damage are needed.