The price for a new basic hot water tank is about $900 installed. For that price why would you do it yourself unless money is tight or you have nothing to do? Especially if you have gas. Most every year Lowes has close-outs on electric hot water tanks where you can get one for as low as $200. If you are doing it yourself, forget about paying anyone, you probably have many neighbors willing to help you install it. As far as the heatpump systems, they look really good and I like the idea that you can cool your garage with them but these systems have a sealed refrigeration system like your HVAC system and I'm not sure how long they will last. I do know you need to make sure the coils stay clean and it's almost imposible to get at the anode rod so either way, if you can't change the anode rod, the tank will have a limited life. You do save on energy with them but it's not worth it since we only pay a couple hundred dollars to heat water every year.
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