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When looking to purchase a new home, should you look for a home with a gas or electric water heater? Which water heater is more economical?
Nearly one-fifth of our monthly utilities are spent on heating water. Taking a shower uses the most, an average of ten gallons per shower. Next is the washing machine, which uses about seven gallons of hot water per load. The dishwasher is third, using around six gallons per load. So what is the most economical way to heat all that water? Is it a gas water heater or an electric model?
An electric water heater is attractive to many homeowners because it’s roughly 30% less expensive to purchase than a gas water heater of the same size. It is tempting to get excited over the initial savings, but other factors such as operating costs and repairs should be considered.
An electric water heater is the most expensive type to operate, at a little over $500 per year, or approximately $42 per month. Electric water heaters generally require more repairs than a gas water heater. The primary repair plumbers make on electric water heaters is replacing the heating elements (each unit has an upper and a lower element). It costs roughly $120 – $150 to have the elements replaced.
The initial outlay for a gas water heater is more than for an electric water heater, but the cost to operate it will be less. It costs around $25 per month to operate a gas water heater, or a little over $300 per year. That’s about 40% less than running the electric alternative. The most common repair plumbers make on gas units is replacing the thermocouple, which costs approximately $95 – $110.
Fortunately, whether you have a gas or an electric water heater, installing a water heater timer can save money. A water heater timer will automatically lower the water temperature during periods when user demand is low (while you are at work or asleep) and raise the temperature back up for periods when hot water demand is high. In contrast, a unit without a timer constantly works to maintain the water temperature even when there is little demand for hot water. Installing a timer will also prolong the life of the water heater.
A timer for an electric water heater costs around $60, but will save $120 – $240 per year. These timers typically need to be installed by an electrician. Until recently, it wasn’t even possible to install a timer on a gas water heater. One of the few sources to purchase gas water heater timer is GasWaterHeaterTimer.com. The timer costs $90 and can be installed by the typical homeowner. A timer on your gas water heater will trim $30 to $90, or 10% to 30%, off of the yearly cost to heat your water.
Other strategies to save money while heating water include setting the water heater temperature no higher than 130 degrees, using cold water settings to wash your clothes, installing an insulation blanket on the water heater, and shortening the length of your shower.
The realtors at USA Real Estate and Property Management can help you with questions you have when purchasing a home. Their team, located in Prescott Valley, Arizona, have over 30 years of experience selling homes in the Prescott area. Give them a call at 928-775-0400.
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