For anybody in TVA's electricity networks (mostly: Tennessee): they offer an annual promotion to single-family homeowners only to purchase an $1800 AO heatpump waterheater for only $250.

Maths: 85% discount on fancy new waterheater, which also dehumidifies and cools your house (passive result of heatpump).

TVA usually offers this promotion between Thanksgiving and NYE. You can order online from HomeDepot, or walk into a local store [0]. This ends up costing LESS than a new traditional resistive-type heater.

[0] either method: they DO verify SFH (by more than just ZIP code) -- duplexes and contractors not authorized/allowed

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My own $250.00 "TVA homeowner special" (as a licensed electrician):

<https://i.imgur.com/4wCez9u.jpeg> this specific design draws from both bath and bedroom [dual 6" inlets], exhausts into kitchen [single 8" outlet] | utility closet is only 5ft x 4ft (~20sqft)

Don't forget to use a pressure regulator, expansion tank (coldside, only), & (preferably) a sediment filter. Whatever you do: do NOT use a water softener before the tank.