Annual Cost to Run $1320 - Electric Storage
$956 - 3 Star Gas Storage
$792 - 5 Star Gas Storage
$730 - Gas Continious
$273 - Heat Pump
Setup up costs Electric storage
Unit from $600, Materials $300, Installation Fee $250 Total $1150
Gas storage units
Unit from $750, Materials $400, Installation Fee $250 Total $1350
Gas Continuous Flow Unit
Unit from $600, Materials $400, Installation Fee $250 Total $1350
Heat Pump System
Unit start from $1200, Materials $400, Installation fee $350 Total $1950
Supplied and Installed from $2700
Energy Source The are 3 energy sources hot water units use to run. Gas, Electrical & Solar. Solar System are the cheapest energy as its free and comes from the sun. Gas is the next cheapest, and lastly Electric energy. We normally don't recommend getting a new Gas connection setup though as Heat Pumps are run by electric and are more cost effective.
Volume Requirement The amount of hot water you require will also govern the size of your system. This is normally worked out by how many people live in the dwelling and how many bathrooms there are. Two people with a small house and single bathroom can get away with a 50Litre storage tank or any electric system. If you have two bathrooms or a family in the house then you will have more pipes that need to be heated at the same time and will need something larger. In general the instantaneous systems will only be able to provide enough heat to one tap or shower at once and you will notice if someone turns on a tap whilst you are in the shower.
Existing Setup Your existing setup can have a big impact on the most cost effective way to proceed choosing a new system. The cheapest option is always to do a like for like swap which is replacing your current system with a very similar type of system. This is best because you won't require pipe alterations or new supply lines.
Surrounding Environment The location of the existing unit, The building design and the physical space you have, is a factor also worth considering. Limited space in a back yard or backyard with roof & eaves will make it hard to put a gas energy source system in due to Gas to Air Requirements. A flue may be required which increases costs drastically. Electrical power requirements may also restrict your options. If your switch board is already at peak usage, adding an additional fixture like a hot water unit may not be possible. If you do not currently have a power nearby your hot water system then you will also need to get an electricial to run power out to the location.