Recently went to install a new hot water heater as the old one was leaking,
old one was a small 110v unit but I opted to go to a large 240v unit to
replace it. When I opened the wiring panel there are only a black and red
wire, I was under the impression that 240v required 2 hot wires and a
neutral. Is there something that I am missing or how differently do I wire
this in. I have a 240v, 30amp breaker but don't know how to wire it with
only a single hot and neutral wire.