Should You Repair Or Replace Your Hot Water Tank
Your home's hot water tank will eventually fail. You can expect to get as many as 12 to 15 years from a traditional gas or electric hot water tank before you have to replace it with a new one. That said, you may be wondering if your hot water tank needs repair or replacement if it has not yet reached its estimated lifespan. Here are some tips to determine which direction you should go.
Start by looking into how much it will cost to replace your hot water tank with a brand new comparable unit. If you have a small home with only two to three people living in it, you can get by with a smaller tank that only holds about 50 gallons of water. This will cost about $1,211 to replace the old unit with a brand new one. Hot water tanks do get more expensive when they increase in size. You can expect to pay $1,937 if you need a 75 gallon hot water tank, which is more appropriate for a large family.
If you need the larger tank, but do not have the cash on hand, it may be better to go with having the tank repaired. If you only need a small tank and can afford it, consider replacing the small tank with a new model.
Appliances are improving all the time, and even appliances that are a couple years old can feel outdated by new models. It is worth looking into the energy efficiency of your current hot water tank and comparing it to a new one. Is your current hot water tank nowhere near what is currently for sale? If so, it can be worth to upgrade. You'll see energy savings over the years that can help offset the price of a new hot water tank.
Your plumber will let you know what is wrong with your current tank. You can use that information to judge if it is an expensive or cheap repair, and if the tank is likely to break down again for a similar reason.
For example, broken valves are easy to replace with new ones. Meanwhile, a damaged heating element can be quite expensive to replace, but can extend the life of your tank if the tank itself is still in good condition. You must always consider the repair itself when you determine if it is worth it to just replace the tank with a new one.
Contact local water heater repair services for more information.