Buying a new water heater in Centennial can be pretty expensive. First, you have to pick the equipment. For standard water heaters, you can expect to pay between $800 and $1,500, and for tankless models, between $2,000 and $4,500 (according to HomeAdvisor). Often, the water heater itself is the biggest cost. But you also have to pay for the installation, which depends on how complicated it is and how skilled the workers are. It usually costs between $300 and $800. If the installation needs a permit, and it often does in Centennial (where building codes are pretty strict), you might need to pay another $150 to $300 for that.The total cost of your water heater project could easily be between $2,000 and $5,000 (or maybe even more!). That's a lot of money, especially considering the costs of making any necessary adjustments to your plumbing, electrical wiring, or gas lines (if you have them). And remember, a big part of what you're paying for is the professional installation, which is a good investment for most homeowners.