There are 2 things you can do to extend the life of your basic tank style water heater. One is to periodically connect a hose to the drain valve and flush out the sediment at the bottom of the tank for a few minutes - or 4 to 5 gallons. This prevents the sediment from building up and potentially damaging the heating elements or blocking the drain valve. Here's a video that explains exactly what to do. https://youtu.be/TCFCwldQHAs
The other thing is to check the anode rod. This is a sacrificial magnesium electrode inside the tank that slowly dissolves to prevent the tank lining from rusting. It looks like a long metal rod made of aluminum or magnesium. Replacements cost from $17 to $45 depending on type and size. Here's a link to get one from Amazon (as an Amazon Affiliate, I earn from qualifying purchases.) I check my rod every year. This process will likely require 2 strong people and a 1/2" ratchet wrench with a 1 1/16" socket. Here's a video on how do do this: https://youtu.be/wzecqGyCllU
I used a long piece of pipe over the end of my ratchet wrench to get enough leverage to break it loose.
Here's what my rod looks like after 2 years:
I took it outside to hose off the gunk before I replaced it. I think it is good for another year or two, but I will check it every year. These
simple maintenance chores can more than double the life of your water
heater and save you a lot of money! And from a sustainability
perspective you are keeping the water heater out of the landfill. If
everyone did this there would be a lot less old tanks being disposed of.
Update: November 2023
Today - 4 years later I checked the rod and found that it had rusted through to the steel which is very concerning since the tank can start rusting out at this point. Shown below is the old and new flexible rod which is easier to install in a low ceiling basement:
Basement Watchdog water leak alarm
If your tank springs a leak - you need to know about it right away! After my first tank failure I installed this Basement Watchdog in the drip pan under the heater. (You DO have a drip pan right!?). If the electrodes get wet a LOUD alarm goes off.
I got this one on Amazon, here's a link. (As an Amazon Affiliate, I earn from qualifying purchases.)
I installed the alarm on the wall outside the utility closet, and the sensing electrode in the drip pan:
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Alarm on the wall
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View of the electrodes
View of electrodes in place