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If you spot a drip, plan to replace the water heater right away. Don’t wait until the leak gets bad. Most residential water heaters cost $ to $ for either gas or electric, plus $ to $ if you have a plumber install it. More expensive gas water heaters with special venting systems also are available..With the water supply still on, turn a faucet on and let it run until the water is cool. Shut off the cold water supply line and connect a garden hose to the drain valve on the bottom of the water heater..