Burning smell from water heater

[si24]

What does this mean? Burning smell last night and no hot water, shut the breaker. Is this something to fix or replace?

If it's a replacement any advice on with what? 4 shower house in tropical weather with high energy costs.

Thank you for the advice

 

[Reach4]

For electric, look at heat pump type WHs, which are called hybrid. Hybrid because if the heat pump cannot keep up, you can allow it to turn on resistance heat to supplement.

Is that blackened area due to the burning?

 

[Sponsor]

 

[Fitter30]

Pull that insulation back and find melted burn parts and wiring.

 

[si24]

For electric, look at heat pump type WHs, which are called hybrid. Hybrid because if the heat pump cannot keep up, you can allow it to turn on resistance heat to supplement.

Is that blackened area due to the burning?

Pull that insulation back and find melted burn parts and wiring.

Yes, looks like this... fixable?

 

[Reach4]

Yes, looks like this... fixable?

I think so. New thermostat. Some new wire.