There is no time like the present to buy a new water heater but water heater prices aren't the ony factors to mull over before purchasing one. Things to consider about purchasing a new water heater is the type, size price and energy efficiency.
There are five types of water heaters available:
Conventional storage water heaters which have a reservoir of hot water.
Tankless (also known as demand or instant) these do not have a tank but rather heat the water directly.
Heat pump water heaters work by moving heat from one area to another. These types do not generate heat directly for the hot water.
Solar water heaters employ the sun's heat for making hot water.
Indirect or tankless coil types uses the homes space heating system to heat the water.
When determining your budget you first need to determine what size water heater is needed. For example with storage(reservoir) water heaters a thirty to forty gallon size is adequate but a family of five or more will need something closer to eighty gallon sized heater. Also research the approximate annual cost. Newer models are more efficient so if you are replacing an older water heater you probably will be saving money.
Here are some examples of water heater prices from brands such as Rheem, Bosch and Rinnai:
Rheem:Model: 82v80-2 80 gallon $1047.60 (electric)Model: 82v40-2 40 gallon 425.39 (electric)Model: rtg-74pvp tankless $999.99 (liquid propane)Model: rtg-53pvp tankless $629.99 (electric)Model: 6 em30-2 30 gallon $269.99 (electric)Model: 22v30pf 30 gallon $792.45 (propane)Model: 42v75f 70 gallon $1359.45 (natural gas)Model: 42vp50fw 50 gallon $1440.45 (natural gas)
Bosch:Model: 1600h lp aquastar tankless $629.99 (liquid propane)Model :ae125 tankless $ 675.80 (electric)Model :1600p lp aquastar tankless $549.00 (liquid propane)Model :125fx-ng tankless $835.85 (natural gas)
RinnaiModel :r75lsi tankless $966.95 (natural gas)Model :r94lsi s na tankless n$1160.00 (natural gas)Model :r98e tankless $1415.99 (natural gas)Model :r50lsi tankless $1118.95 (natural gas)
Depending on what water heater you purchase you may qualify for a Federal Tax Credit of up to $1500.00 (if purchased and installed by December 31, 2010). Not all water heaters will qualify so if you choose one that does you can factor that in when comparing water heater prices.
