Is this a feasible? (water heater question)

[willia]

So recently I figured out that my electric water heater is leaking. It's corroded around the access panels and, since that can't be fixed (I assume), it's going to have to be replaced. I can't afford to do that for a while yet, so I'm wondering if this will work.

The water heater doesn't have a shut off, so I had to turn off the water to the entire house which is not especially (at all) convenient. I'm thinking that I can put a shut off valve on the broken water heater and turn off the water to that (I've already turned off the electricity) and turn on the main water and make do with cold water. I know that the shut off valve would be installed onto the cold water inlet. The current WH has mostly pvc piping except for a brief copper pipe that is attached to the water heater, so at what point in the piping would I install the shut off valve? Would this cause any problems? Any input at all would be appreciated.

[hhb]

You should have a shut off on the water heater inlet anyway, it's actually required by code here. Put it at an easily accessible point just before it reaches the water heater. If you have copper on the inlet pipe, I'd put it there as soldered valves will be more solid to turn on & off (stiff pipe to attach to), are generally cheaper and easy to install if you've soldered pipes before.

Incidentally, I had to get a water heater in my place, turned out the power company rents them for $6 a month, they do the install, replace it when needed and look after everything so it was a no-brainer. You might want to see if you have a similar program available.

[flcruising]

The only reasons I can think of an access panel corroding is because the leak is either from the heating element (cheap fix), or one of the top fittings (anode, outlet or T&P valve) and running down between the tank and the shell.

Did you locate the source of the leak?