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Tank vs. Tankless. Average cost with installation Tank $. gallon tank Tankless $, .Costs to load and haul away old materials, installation waste andociated debris. For a basic project in zip code heater, the cost to Replace a Water Heater starts at $, $, per heater.. So how much should it cost? According to the pros, the actual costs to install a new water heater, whether it s a conventional unit or a more .