Compare the costs, before you commit…
When replacing a hot water system, it’s very important to consider the costs beyond the upfront price of the unit.
As the chart below shows, there are huge differences in the running costs of various types of hot water system; Differences which barely show in the first year, but over a decade, add up to many thousands of dollars.
Running Cost Comparison (courtesy of Reece)
Electric hot water systems are by far the most expensive option. The ongoing costs of an Electric Storage system are around 3 times that of a Natural Gas (NG) hot water system, and 5 times that of a solar systems (electric or NG boosted).
Some of the more economical options (particularly solar) can require a higher upfront investment, but can be well worth it, when you consider savings over the course of time.