One of your electrical elements in heater is shorting to ground when it heats up replace the bad elements or heater itself depending on how old unit is
So time for a new water heater? This one is about 8 years old and out of warranty. :( Any brands that you would recommend?
Also, what is a typical price to have a new one installed?
Yes at 8 years it at end of life anyway
Depending on labor rates and size would determine but around $500 - $800 would be close