Your water heater is one of the most inefficient appliances in your home — electric water heaters account for an average of 18% of your electricity costs, according to the Department of Energy (DOE).

When is the best time to buy a new water heater? Hint: It’s not when the one you have fails. But that’s what many homeowners end up doing. They notice a leak—or worse, they’re surprised by a flood—and ...