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Should you repair or replace your swimming pool water heater?

Unless you are pretty sure it is useless - like has been sitting for years unused - i would get a serviceman out to look at it - might be something as simple as a thermocouple needing replacement, a thermostat failed because of spiders nesting in it, or a blown solenoid that can be cheaply fixed. That visit can also serve to identify other components that might need replacement if the heater needs replacement like corroded piping, so you know what scope of work to ask for bids on.

Replacement cost depends a lot on capacity of unit, whether one-temp or two-temp system to blend water and serve both spa (usually 90-100 degree) and pool (usually MUCH higher temp like 120-130 degrees before blending for blending systems, or MUCH lower like 70-80 degrees for unblended heater systems), etc. Spa heaters (except for very small ones) themselves commonly run $500-1000 plus about half to that much again to install depending on model and access difficulties. Pool heaters commonly run in the $1-2,000 range for smaller pools and warmish areas, and can be double that in very cold areas or for large pools though can run as high as $10,000 for fast recovery units, and installation can be $500-1000 range easily for a replacement, so you don't want to replace if repair is likely viable. Of course, these are just wide ballpark numbers - you need to scope out whether you really need a replacement or a repair, and then if replacementis needed get several bidders to bid on your replacement job.