One popular way to heat large quantities of water is by using a gas water heater. Gas water heaters are favored over electric water heaters because they are able to heat water faster than an electric water heater. The equivalent cost of gas is also half of an electric unit, making gas water heaters a cheaper solution. The operating cost of an average gas water heater is 50% less than that of an electric water heater. On an average, the operating cost of an electric water heater is $355 as compared with $237 for gas. Gas water heaters are known for their safety record. Gas water heaters also have a space saving benefit. Compact gas water heaters are typically smaller than the bulkier electric models.