When you want to install a new hot water system, cost is arguably one of the most important considerations. And cost goes further than just a sticker price and there are several things you’ll need to consider. Fortunately, a licensed plumber can give you some insights into the process of calculating the cost of your new hot water system.
So, with that in mind, our expert plumber reveals the steps you’ll need to follow to calculate your new hot water installation’s cost.
Step 1: Determine Your Household’s Needs
The size of the system you need will be largely dictated by your household’s needs. As such, you should carefully calculate your household’s hot water needs. If you don’t, you could end up investing in a system that’s too large, and too expensive, for your requirements. The converse is also true, and, if you don’t know your household’s needs, you could purchase and install a system that doesn’t meet them.
Step 2: Decide What Type and Size of System You Need
We’ve already mentioned that you should calculate your household’s hot water needs. So, the next step in calculating the price of your hot water system is deciding on the size of the system. This should be reasonably straightforward, as you’ll just need a system that can meet your household’s needs.
You’ll also need to decide on the type of system you’ll need. This is a little more complex, as each type of system has its own benefits and pricing. As such, you’ll consider your budget, how much different systems cost, and how efficient they are.
Step 3: Estimate Your Installation and Delivery Costs
Once you know what size and type of system you would like, you’ll also need to consider installation costs. These costs vary based on several factors. For one, some hot water systems are more expensive to install than others. For example, a solar installation on your roof will cost more than an electric system’s installation.
During this step, you’ll also need to consider delivery costs. Generally, the bigger the system and the longer the distance needed to travel, the higher the delivery costs will be. Finally, you should also consider the accessibility of your premises. Here, the more accessible it is, the lower the complexity of the installation. And lower complexity leads to lower costs.
Step 4: Consider Government Rebates
The final component of the upfront costs of your hot water system is government rebates. When using these rebates, you can get significant reductions in the purchase price of certain, more efficient hot water systems. For instance, solar systems offer sizable government rebates that can reduce your purchase and installation costs significantly.
Step 5: Estimate Ongoing Running Costs
By this stage, you’ve decided what type and size of system you’ll purchase and what the installation will cost. In other words, you’ve calculated your upfront costs. Now you have to estimate your ongoing running costs.
Generally, solar and heat pump systems have the lowest running costs, while gas and electrical systems are more expensive. This is an important consideration as lower running costs can be set off against higher upfront costs over time.
There you go, now you’re in a better position to calculate the cost of your new hot water system. When you’re ready to buy and install, get in touch with