Water heaters and methods for monitoring anode rod depletion in water heaters are provided. A water heater includes a tank for holding a volume of water, and an anode rod extending into the water and electrically connected to an electrical ground such that a galvanic current flows from the anode rod to the electrical ground. The water heater further includes at least one heating element configured to heat the water when energized, and a controller. The controller is configured to receive a galvanic current level, compare the galvanic current level to a threshold current level, and transmit an alert signal when the galvanic current level is less than the threshold current level.