The price of water heaters vary depending on the type of water heater, capacity and fuel source. The two basic types include storage tank or tankless, and a gas storage tank water heater costs between $230 and $2,000. An electric storage tank costs between $400 and $3,000 for complete installation.
The price of a water heater also depends on capacity and length of warranty. Water heaters are typically available in 40 gallons or 50 gallons, and the 50-gallon units are more expensive. The length of the warranty on a water heater is generally between five to 12 years. Including parts and labor, installing a traditional gas water heater can cost between $300 and $3,500.
Solar water heaters are another option that can help satisfy hot water needs. These units are best suited as a supplement to an established water heating system, costing between $1,000 and $5,000, with installation figured into the purchase price.
A central gas tankless water heater costs between $800 and $3,000 without installation. A gas water heater used to be considered a more affordable option over other types of water heatersl however, the increase in the price of gas has brought the operation costs closer to the other types.