On second thought
It looks like the control modules haven't changed much in the last 25 years! I guess that makes sense, they're pretty simple. And I'm not worried about anything being truly wrong with the rest of the water heater, it's basically all just metal and insulation. So I think I'm just gonna replace the thermostat. Am I crazy or dumb, or is it worth it to save the work, money, and waste?
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25 years is very old for a water heater. Replacing the thermostat probably won't extend the lifespan for all that long, and you'll just be faced with the choice again. It's also probably pretty energy inefficient. And, hey, there's that income tax credit thing this year, making it a lot cheaper.
Re - waste, upgrading old appliances is often *extremely* good from an energy standpoint. I saw a life-cycle analysis a few years back showing that, if all you're worried about is energy consumption, you should replace your fridge every 2 years to the new best option - the difference in energy efficiency is significant enough that the energy that goes into making/shipping the fridge is canceled out that quickly. Now, granted, that would be hella-expensive, but anyways. Your circa 1980 water heater probably has pretty tragic energy efficiency. Meanwhile, the old one can be recycled - steel is pretty good for the recycling. So, yeah, reduce, reuse, repair are all good - but don't feel green guilt over buying a new heater.
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I think the first thing you should do is install some actual stairs. :)
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