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Water heater comparison
Last reviewed November 2, 2026
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Your details
Use a lower value if you can time heating to off-peak or ULO hours.
Check your gas or rental bill; many tanks rent for $25–$45 a month.
Your estimate
Lowest 15-year cost
Gas tank (owned)
$7,155
Cheapest to run
Heat pump water heater
$213 per year
Hot water energy
3,950 kWh
needed per year
15-year total cost (equipment + energy + rental)
Renting looks cheap up front but often costs the most over time. Before you replace a rental, check your contract's buyout terms — read water heater rentals in Ontario and the full comparison guide.
Assumptions and method
Hot water energy need ≈ 900 kWh per person per year plus 350 kWh of standby and distribution losses. Uniform energy factors: gas tank 0.62, gas tankless 0.93, electric tank 0.92, heat pump water heater 2.6 seasonal (lower than its rated 3.4 when installed in a cool basement).
Installed costs (2026 estimates): gas tank $2,400, tankless $5,000 (plus ~$40/yr descaling), electric tank $1,700, heat pump water heater $4,500 less a $500 Home Renovation Savings rebate (assessment stream). When a unit's typical life is under 15 years, a proportional share of a replacement is added.