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Cost $ to $ for gas $ to $ for electric. Installation costs add $ to $,. Standard residential tank water heaters Have to gallon capacities But, surprise!.Tank vs. Tankless. Average cost with installation Tank $. gallon tank Tankless $, .Let Lowe s Meet Your Water Heater Needs. If you re feeling lukewarm about your current water heater, or are lo.ng to install one in yournd new home, Lowe s has a full selection of electric water heaters, gas water heaters, tankless water heaters, heat pump water heaters, and water heater accessories to help you .