Water heating is typically the second-largest energy expense in your home, after space heating and cooling. It usually accounts for about 14 percent of your utility bill. If your gas water heater is more than 10 years old, it probably has an efficiency level no higher than 50 percent. An old water heater can operate for years at very low efficiency before it finally fails.
Any new home or manufactured home may receive a $50 rebate for having an electric water heater. Members who replace an existing electric water heater will receive a $50 rebate. Members who change from gas to electric will receive an additional $200 rebate.