For Utah homeowners, the cost to install a new water heater could be anywhere between $1590 and $10,000. You probably think that’s a huge range (and it is!), but you can quickly narrow down which side of the cost spectrum you'll be on depending on the desired type of water heater.
Many factors go into the cost to install a water heater, including:
Water heater fuel type. 
Water heater energy factor.
Tank vs. tankless water heaters.
Water heater size.
We’ll discuss the cost factors below in more detail so you’ll have a better idea of what you’ll pay for the installation.

One of the most critical factors impacting water heater installation cost is whether the water heater has a tank or is tankless. Tankless water heaters are generally more expensive than water heaters with a tank. While tankless water heaters are more expensive, their benefits may outweigh the added cost for some homeowners.
Tank water heaters cost between $1,590 and $2,300, with the average cost being $1,900.They heat water in a large tank and then distribute the hot water throughout your home. Because the size of their tank restricts the amount of hot water, homeowners can run out of hot water before it replenishes. You'll also need ample space to store a tank water heater.
Tankless water heaters cost between $2,800 and $4,800, with an average cost of $4,100.Tankless water heaters heat water continuously, so you'll need to consider flow rate when selecting a system. Flow rate indicates how many gallons of hot water per minute is produced. Similar to FHR, the higher the flow rate, the more expensive the tankless water heater.
The primary benefit of a tankless water heater is that you will never run out of hot water since they heat water continuously. Additionally, tankless water heaters are small and can easily fit under a sink or in a closet.