Costs of hot water systems explained
We have now covered the types and costs of hot water systems on our blog and website. Let’s get into more details related to initial and operating costs in this article.
The rising cost of non-renewable energy sources, the fact that water heating accounts for over a quarter of household energy use, and the fact that your hot water system will be part of your home for between 8-12 years means that the costs of purchasing and maintaining a hot water system are as high as ever.
When researching hot water systems, there are three main costs to consider: installation, running, and environmental costs. Each is important and will impact your wallet differently depending on your chosen unit. This guide is only an introduction; your location and personal circumstances could affect pricing structures.
Each style of hot water system has its initial costs.
Let’s now look at the initial costs for hot water systems. These cost estimates are only indicative and do not include any installation fees.
The cost of installation can vary depending upon the service provider. Ask your local hot water professional about the estimated cost to install your hot water system.
- Electric hot water systems are usually around $300.00 to $1,500.00, and they are the most affordable option.
- Gas hot water systems are in the middle of the initial costing range, with prices ranging from $900.00 to $2,000.00.
- Heat pump hot water systems can be a bit more expensive than electric options and generally run between $2,500.00 and $4,000.00.
- The most expensive option when it comes down to upfront financial contributions is solar water heaters. They can cost between $2,000.00 and $7,000.00+ depending upon a variety of factors (I.E., energy usage, household size, and the number of panels needed are some factors to consider.
Installation fees
Most people focus on the cost of installing a water heater, and it is because this is the first money you will spend on your home, and it can sometimes cost more than you initially thought. This is because many systems with price upfront costs can increase this amount over time and even more in the long term.
Running costs
Next, consider running costs. If you plan to keep a hot water heater for more than ten years, it’s essential to calculate how much each year will cost. This graph is only a guide and does not consider future electricity price rises.
Environmental impact and cost
The environmental impact of hot water systems, also known as their co2 impact, affects their overall costs. Below is a table that shows the annual greenhouse gas emissions for each type of hot water system in kilograms.
