Electric Water Heater Cost Calculator: Tank vs Tankless
Tank versus tankless, priced per shower and per month. Adjust the wattage, runtime and your own electricity rate below — every figure updates instantly in your browser, and nothing you type is sent anywhere.
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How this cost is calculated
The formula is kWh = watts ÷ 1000 × hours, then cost = kWh × your rate per kWh. Standing charges and tiered or time-of-use pricing are billed separately by your supplier, so treat these numbers as the marginal cost of running this appliance rather than a full bill.
For the full breakdown with regional price tables, read the detailed guide, or estimate your whole household on the home electricity bill calculator.
Frequently asked questions
How much does an electric water heater cost per month?
About $40-$55 for a standard tank, $30-$45 tankless and $15-$25 for a heat pump water heater.
Does lowering the thermostat save money?
Yes. Dropping from 140°F to 120°F typically cuts standby losses by 6-10%.
Is tankless cheaper to run than a tank?
Usually a little, because there are no standby losses, but the saving is modest for high-use households.