average cost to replace electric water heater
An average water heater tank lasts about 10 years. If youâre not sure whether to repair or replace a water heater, a good rule of thumb is to never spend more than half the cost of replacement on a repair. According to our hot water heater installation price guide, the cost to replace a hot water heater is $850. Therefore, if your repair bid comes in above $425 and your hot water heater is more than seven years old, you may want to consider replacement versus repair.