How Much Does a Heat Pump Water Heater Actually Cost in 2026?
Heat pump water heaters (HPWH) are one of the best “boring” electrification upgrades—when the install is straightforward and the space works.
Rough 2026 installed ranges
| Job | Typical installed range |
|---|---|
| Replace existing electric tank with HPWH (straight swap) | $2,000–$4,500 |
| Replace gas with HPWH (often needs electrical work) | $2,800–$6,500+ |
| “Difficult” install (tight space, condensate routing, panel work) | $4,500–$8,000+ |
What drives the quote
1) Electrical capacity Many HPWH units need a dedicated 240V circuit. If your panel is full, the real cost can be a subpanel or service upgrade.