You can do many things to keep an old heater going and make it last as long as possible. You can also buy a new tank with the latest technologies that can be more effective than sprucing up the old water heater. Which to do? A cost analysis can help figure out what would be a more productive course of action. Just figure out the savings of the old equipment and compare the cost of the new equipment with purchase price and energy savings. It's best to find ways to save energy and money with cheaper ideas like new low-flow showerheads, heat traps, insulation, vent dampers, or a water heater blanket. You could also adjust your thermostat down as well.
Maintaining old equipment saves the cost of new equipment, obviously. If you can double the life of your heater, you would save a bundle on not purchasing a new heater. The best thing to do is to perform money saving activities on your water heater and then with the saved money, you can upgrade to a new system.
A cost cycle consists of operating costs, fuel costs, and purchase price. To figure out the cost cycel you need the:
Purchase price
Cost of energy or your utility bill
The yearly energy cost to use the appliance which can be found on the EnergyGuide label.
The estimated life of the appliance. For electric and gas water heaters that should be on average 13 years.
A discount number which is adjusted for inflation. The discount factor is 0.83 for both an electric and a gas water heater.
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