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The average cost to replace a water heater is around $1,325, with a typical range of $900 to $1,800 for a standard replacement. The final price depends on the type of heater (tank vs. tankless), its size, fuel source (gas or electric), and the complexity of the installation. A simple one-to-one replacement will be on the lower end of the cost spectrum. However, if you are switching from one type of heater or energy source to another, you can expect labor costs to be significantly higher due to the extra work involved. It's also worth considering that while gas and electric heaters may have similar upfront costs, their long-term operating costs can differ based on local utility prices.

A water heater is one of the heaviest hitters in your home, and it needs as much power as possible to help it run efficiently and effectively.

Your water heater should be on its own dedicated circuit breaker, with no other power sources running to it. This is required to meet the National Electric Code–and to ensure it runs as efficiently as possible.

If you're replacing a broken water heater, now is a great time to make sure you're selecting a unit that has the right capacity for your household. According to the U.S. Department of Energy, a small 50-gallon to 60-gallon tank is sufficient for households with one to three people. A medium-sized 80-gallon tank is considered ideal for three to four people. A larger tank may be needed if your household has four to six people.

The lifespan of a water heater depends on its type, usage, and maintenance schedule. Traditional tank-style water heaters typically last between 8 and 12 years, though the range can be as wide as 6 to 15 years. Within this category, gas models often last 8-12 years, while electric models may last 10-15 years. In contrast, tankless water heaters have a significantly longer lifespan, often lasting up to 20 years or more. Factors like heavy usage, hard water, and sediment buildup can shorten a unit's life. To extend its lifespan, it is crucial to perform regular maintenance, such as flushing the tank annually and scheduling professional inspections. If your unit is over a decade old and shows signs of rust, leaks, strange noises, or inconsistent heating, it is likely time for a replacement.