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Electric Water HeaterCost: Purchase Price & Running Cost
An electric water heater (40-50 gallon tank) draws about 4,500 watts. It cycles on and off to maintain temperature. Typically the second-largest electricity consumer after HVAC.
Average Purchase Price
$600–$1,500
40–50 gallon tank; installed cost adds $200–$500
watts
hrs/day
$/kWh
Daily Cost
$2.16
13.5 kWh
Monthly Cost
$64.80
405.0 kWh
Yearly Cost
$788.40
4927.5 kWh
For perspective...
At $788.40/year, this is a major energy expense — equivalent to a car payment. Strongly consider more efficient alternatives.
Energy-Saving Tips for Your Electric Water Heater
- Lower the thermostat to 120°F — most are set to 140°F by default
- Insulate the tank with a water heater blanket to reduce standby heat loss
- A heat pump water heater uses 60% less energy than a standard electric model