You are lucky with the cost of the heaters, I install water heaters as part of my business Gas, Electric, indoor, outdoor, tank and tankless, in northern Australia my buying cost for an internal rheem electric 60 gallon unit is over $900. au, install is about $300. unless there are upgrades required to comply to new laws, I have given up on traditional electric water heaters and have fitted a heat pump with a stainless tank to my own house to see if I can get more than 5 years out of it.