Gas to Electric conversion because of remodeling limitations?
I'm a first-time homeowner and also decided to tackle on a remodel project, and hit a dilemma that I was hoping to run by all you experts :confused:
We have a master bedroom in the basement and an unfinished adjacent room where there is currently a 3-year old Rheem Fury 50-gal, and we're converting this space into a master bath. Unfortunately, our plumbing inspector is requiring all combustion air to be supplied by the outside, and based on the nearest wall being >30 feet away, my choices are limited to getting a power direct vent system or a direct vent tankless. So that is likely going to be $1200-1500 hardware cost, plus perhaps another $500+ labor for my plumber to get the ducting done. Then I'm assuming potentially the blower may be loud (the WH closet will be near the door to the bedroom), and there may be blower repair costs, and annual maintenance/cleaning costs for a tankless.
Would going to a 50-gal GE electric WH be logical in this case? Based on prior similar threads on this forum, right now my electricity is $0.0987/kwh. Per GE's approximation of 4622kwh/year, that's $456. Based on my last gas bill, it's approx $1.58/therm, so in comparison:
A) Rheem tankless 95DVLN burning 159.3 therms/year will be $252/year. Plus ~100/year for cleaning, it ends up being a $104/yr savings over a GE electric.
B) Rheem PDV50 tank burning 223.3 terms/year will be $353/year. So it ends up as a $103/yr savings over a GE electric, as long as the blower fan doesn't require any repairs.
Both of these units will probably cost an additional $1,500-2k over the GE electric for the complete install, and based on the scenarios above it would take 10+ years for the cross-over price advantage, unless the cost of Seattle city electricity increases substantially. Plus, the electric tank storage has the advantage of a completely silent, zero risk of gas emissions, and 1 less hole in the side of my house ;)
Can you guys provide your opinion on this scenario? Perhaps my math is wrong? I would need to make a decision soon for our remodeling to move forward...