How much do other hot water systems cost (i.e. electric storage, electric instantaneous, gas storage, gas instantaneous, solar hot water, etc.)

How much do other hot water systems cost (i.e. electric storage, electric instantaneous, gas storage, gas instantaneous, solar hot water, etc.)

The first decision you'll need to make when choosing a HWS is the heating method: electricity, gas, solar or heat pump?

Electric - An electrically heated storage tank system is usually relatively cheap to buy and install, but is usually the most expensive to run, especially if it's on the continuous (full day) rate. They range in price from about $300 to $1500 (not including installation). Your electric HWS could account for a major chunk of your electricity bills. It's worth checking that you're on the best electricity plan for your needs.

Gas - Natural gas is a good option if you have the connection for it. It's cheaper than electricity (though gas prices are rising) and because gas rates don't vary through the day, gas hot water systems can heat water as needed. They range in price from about $900 to $2000 (not including installation). 

Solar - Consists of solar collector panels and a storage tank. A four-person household typically needs about four square metres of solar collector area (two panels) and a 300–360L tank. You need a large tank to allow for days with less sunlight (or more hot showers than usual). They range in price from about $2000 to $7000 (not including installation).