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Comparison of Gas Hot Water Vs Electric
GAS = 0.356 therms to heat a 40 gallon tank
123 days = $35.06 / (20 therms (18 CFC's) / .356 = ) 56 tanks = $.626 per tank
This is a ridiculous 18 gallons of hot water a day, probably at least 4 times the amount of hot water that is used. Due to the gas exhaust, probably most of the heat is lost up the chimney.
ELECTRICITY = 6.63 kwh (x $.12233 per kwt) = $.81 to heat a 40 gallon tank
56 tanks x $.81 per tank = 45.36 for 123 days / This would be only if no gas heat is currently lost up the chimney, which is not possible. Electric cost would be $2.58 higher than gas.
28 tanks x $.81 per tank = 22.68 for 123 days / This would be if only 50% of gas heat is currently lost up the chimney. The electric cost would be $3.10 less than the current cost for gas.
14 tanks x $.81 per tank = 11.34 for 123 days / Considering that 75%+ of gas heat is current lost up the chimney, the most likely scenario. Electric savings would be $5.93 a month, approximately 75%.
Additional advantages, an electric hot water heater can be completely insulated top to bottom, and a timer can be used, along with a thermostat.
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