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Well, the cost of buying and installing a hot water system can be one of your primary concerns when shopping around for your home or business needs. Apart from the price of buying the water heater, you also have to factor in other aspects that can add up to the costs. Here are the essential factors that you’ll need to consider.
The Following Factors Can Influence Hot Water System Price
The three crucial factors that impact hot water system prices are energy performance, capacity or the flow rate and the size of hot water system you choose.
1. Hot Water System Energy Performance
Hot water system prices influenced by energy performance. As the thumb rule, the more energy star ratings are, the higher will be its price. The reasoning behind this rule is – the technology that can achieve superior performance is pricier. For instance, condensing tankless water heaters come with a second heat exchanger to hold the heat of the discharged gases.
2. Hot Water System Flow Rate or Capacity
Continuous flow, tankless hot water system rates, based on the flow rate in litres per minute. With an increase in flow rate, the price of a tankless hot water system also increases. Similarly, the rates of a hot water system that comes with a storage tank, based on capacity – with an increase in storage capacity, the price also increases. Well, bigger units mean it has more materials and heavy parts.
3. Hot Water System Size
Hot water system size determined by the number of family members or multiple bathrooms in the household. Additionally, different situations have to be consideration wherein a higher consumption forecasted than normal usage. The bottom line is if you need to operate multiple bathrooms or require a bigger hot water system, then you should anticipate higher costs.
Types of Hot Water System
- Electric hot water system is available with and without a storage tank. The variant that comes without a storage tank is an instantaneous or continuous flow that heats the water on demand, which will never run out of hot water. Less expensive than gas water heaters, but may prove costly in the long-term.
- Gas hot water system also comes in two variants – with and without a storage tank. Again, the one without a storage tank is the instant or continuous flow water heater that warms the water on demand, as and when required, so you’ll never be out of hot water. It is pricier than electric variants but will save on your electric bill in the long run.
- Solar hot water system is the priciest to buy and install but will save on your electric energy or gas fuel and will pay for itself in the long-term. Besides, it’s less expensive to maintain.
- Heap pumps are a competent form of renewable energy. Their initial purchase and installation costs are higher than traditional methods, but they will save on your energy bills in the long-term.
Chart Showing Hot Water System Prices & Expected Installation Costs
| Hot Water System Prices Categorised Per Their Type | Avg. Hot Water Price | Avg. Installation Cost |
|---|---|---|
|
Electric Hot Water System with Storage Tank |
$525 to $2000 |
$300 to $750 |
|
Instantaneous or Continuous Flow Electric Hot Water System |
$750 to $1500 |
$300 to $1550 |
|
Gas Hot Water System with Storage Tank |
$880 to $1525 |
$350 to $800 |
|
Instantaneous or Continuous Flow Gas Hot Water System |
$785 to $1625 |
$350 to $1600 |
|
Solar Hot Water System supported with Electric Power |
$3650 to $5050+ |
$2050 to $3550 |
|
Solar Hot Water System supported with Gas |
$4950 to $6550+ |
$2050 to $3800 |
|
Heat Pump System |
$3350 to $4050 |
$1050 to $2550 |
|
Notes:
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Hot Water System Types & Their Prices
checkout below hot water heater system types and their prices.
Electric Hot Water System
Electric hot water systems use electrical energy to heat the water, and tanks can hold from 24 litres to 400 litres of water. Thus, electric storage water heaters can vary from $500 to $1850, and bigger tank cost more.
The electric hot water system is also available in tankless variants, known as instantaneous or continuous-flow. These variants heat the water on demand, as and when you need it, so you’ll never run out of hot water. With a tankless hot water system, you will have to pay anywhere between $710 and $1350, but it will help save you money on your electricity bills eventually because you won’t have to maintain the water temperature all the time.
Gas Hot Water System
Gas-fired water heaters also come in two variants viz. with storage tank and tankless. For energy, gas-fired water heaters burn natural gas. Storage tank gas hot water systems vary from $900 to $1550, and larger storage tanks are higher priced. On average, the size of the storage tank varies between 135 and 360 litres. Typically, tankless gas-fired hot water systems vary between $800 and $1650.
Gas Hot Water System Prices Explained by Flow Rate
Here is a chart showing the range of gas hot water system prices by their estimated flow rates for instantaneous or continuous water heaters. Differences exist as the comparison comprises of regular and condensing models that come with a secondary heat exchanger. Besides, other features may be exclusive to a specific model.
| Gas Water Heater Price by the Flow Rate | ||
|---|---|---|
|
Estimated Instant Hot Water Flow Rate |
Gas Hot Water Avg. Min Price |
Gas Hot Water Avg.Max Price |
|
12 Litres per minute: |
$786 |
$1000 |
|
16 Litres per minute: |
$700 |
$1085 |
|
20 Litres per minute: |
$685 |
$1105 |
|
26 Litres per minute: |
$829 |
$1410 |
|
32 Litres per minute: |
$1845 |
$2845 |
Solar Water Heaters
As more and more customers are getting conscious about the environment these days, solar water heating systems are getting a lot of attention; hence, their demand is on the rise. You’ll see this type of system in the regions that attract plenty of sunlight all through the year. Cost-wise, solar-powered systems are pricier than their counterparts, so you should expect to pay a minimum of $3650. However, as you won’t be using traditional energy sources to heat the water, your solar system will pay for itself eventually. If your location doesn’t receive adequate sunlight, you can still use a solar water heater along with an alternate support power source that uses electricity or gas, so you’ll always have hot water when you need it. Electric split hot water systems will cost you around $3,950 or more, whereas, gas variants range between $4,950 and $6,550.
Heat Pumps
Heat pump water heaters work similar to heating systems of the same style, pulling from the ambient air to warm the tank water. Heat pumps are energy-efficient, and they will cost you anywhere between $3350 and $4050; bigger tanks or different styles are higher priced. Though they are cheaper, they tend to be noisier.
Hot Water System – Installation Costs
Once your new water heater gets delivered at your property, then you’ll need to install it, and a professional installer can perform this job, which will add to the costs. The level of difficulty involved in installing your hot water system will determine the installation cost. However, here are the suggestive installation costs per the different scenarios that you can expect to pay:
- Replacing a hot water system with a brand-new one (of the same type) will cost you nominal charges that can vary between $270 and $710.
- Conversely, if you want to change to a different style of water heater, then you may require new pipes and fittings that can increase your installation costs. Besides, you may require installing brand-new power cables or gas lines to house your new system, which may necessitate hiring additional technicians to complete the job. Such type of complicated installation will cost you more wherein you may have to pay anywhere between $1550 and $3050 per your specific requirements.
- If you want to shift your hot water system to a different location within your property, then it will increase your costs by another $1050 to $2050.
Are There Any Government Rebates?
Well, to encourage buying and installing an energy-efficient hot water system, the Australian government provides few incentives in some cases. As per the water heater you choose, you can obtain rebates and incentives up to $1250; thus, you can check it out with your local council to find out whether you qualify. Accordingly, you can search for systems that will help you get those incentives.
Cost-Effective Water Heaters for Home or Commercial Use
At Sydney Plumbing, we work with homeowners and commercial clients in Sydney and nearby areas, helping them to choose the best water heaters for their needs. We are available at all times to solve your queries or doubts and help you select the best water heater that fulfils your needs.
Once you finalise your hot water system, we will install it and make sure it’s functioning correctly. Our gas fitter plumbers and technicians are ready to install your brand-new water heater! We’re only a call away – call us at Sydney Plumbing on 0402 487 444.
