Investing in a quality water heater is often worth the money you would save by holding onto a water heater unit that's old, worn out, or keeps breaking down. A tankless water heater could save you as much as 30% on your water heating bills, and a hybrid unit can save you up to 60%. When deciding whether to replace your water heater unit, do a cost-benefit analysis and weigh how much it would take to replace or repair it.
As a rule of thumb, if the cost to repair a water heater costs 50% more than what it would cost to replace it, the rational choice is to replace the unit. If the cost to repair is less than 50% of the cost to replace it, then consider holding onto it until the end of its lifecycle. A water heater typically lasts about 11 to 20 years with proper maintenance and care.
Generally, if your water heater is showing any of the following signs of malfunctioning or obsolescence, it may be time to have a professional water heater repair service repair or replace it:
- If your faucets and taps no longer produce hot water
- If your faucets take abnormally long to give hot water
- If you see leaks coming from your water tank
- If your water heater is making too much noise