Water Heater Cost Calculator
Find out exactly what your water heater costs per month — electric, gas, or heat pump. Free US tool.
Calculate Your Water Heater Running Cost
Water Heater Monthly Cost Comparison (US 2026)
| Type | 1–2 People | 3–4 People | 5+ People |
|---|---|---|---|
| Electric Tank | ~$18/mo | ~$35/mo | ~$53/mo |
| Gas Tank | ~$10/mo | ~$20/mo | ~$30/mo |
| Heat Pump WH | ~$8/mo | ~$15/mo | ~$23/mo |
| Tankless Electric | ~$17/mo | ~$34/mo | ~$51/mo |
| Tankless Gas | ~$9/mo | ~$17/mo | ~$26/mo |
Electric $0.13/kWh. Gas $1.20/therm. Heat pump COP 2.5. US 2026 average rates.
Which Water Heater Is Cheapest to Run?
Heat pump water heaters are the cheapest to run in most US climates, costing 60–70% less per month than standard electric tank heaters. For a family of 4 that means saving roughly $240–$300 per year on water heating alone.
Gas tank heaters are the second cheapest option where natural gas is available. Tankless gas heaters cost slightly less than tank models due to higher efficiency ratings of 94% versus 80% for standard gas tanks. See the full gas vs electric heating cost breakdown for a detailed comparison.
Electric tank heaters have the highest monthly running cost but the lowest upfront purchase price. In states with low electricity rates like Washington or Louisiana the cost gap versus gas narrows significantly. Use the heat pump cost calculator to compare options for your location.
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