Updating a tank-based water heater costs an average of $1,245. However, the actual cost will be determined by the size and type of heater you select.
Larger units tend to be more expensive, and additional features and upgrades can push the price up to $2,000 for the heater alone. Tankless water heaters range in price from $1,000 to $3,500, not including labor.
To calculate your overall price, add the cost of your unit and $50 to $100 per hour for a plumber. Please keep in mind that the cost of labor may rise if your project requires supplemental venting, piping, or electrical wiring.