Just brought an older home with an outdated hot water heater in it-it along with my furnace are both gas. Got my first gas bill which was out of this world. Wanted to know if i should replace with a new gas or new electric heater?
Gas is nearly always cheaper, get one with a high energy efficiency rating. Tankless water heaters seem like a great idea, but the instantaneous loads on the electrical system are just crazy and will put most houses into a larger electrical service size $2300-3500 would not be uncommon for the electrical wiring costs alone, plus the cost of the unit, plus the cost of the plumbing. Making sure you have a 90% furnace and proper sealing and insulation would have a much quicker payoff.
