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Water heater blanket prices range from $20 to $40 on average, though you typically won’t need to spend more than $30 for all the tools and materials required for installation—which include the blanket itself, heavy-duty scissors, and electrical tape. Blankets with higher R-values will also be slightly higher in price.

The primary purpose of insulation is to maintain comfortable temperatures in a home, whether that’s cool air when it’s hot out, or warm air in winter, but that’s not all it can do. All options will also minimize heating and cooling needs, lowering both your carbon footprint and energy bills in turn. And some options, like rigid foam boards, even offer soundproofing benefits, too.

Your home's location, budget, and the type of insulation you’re using are just a few of the factors that can help you choose the right insulation. For example, blown-in insulation is typically used in attic spaces, while batts and rolls are ideal for floors and walls. Blown-in insulation is usually a good option if you're adding more insulation to an area that already has some, but not enough.

If you're replacing insulation, it's a good idea to remove the old insulation before adding new. This is especially true if the existing insulation has suffered from water damage or been exposed to pests. You also need to remove old insulation if you'll be installing a new and different type of insulation, such as trading roll or batt insulation for spray foam.