Well the hot water heater is most likely insulated and doesn't give off heat. I know the one in my house doesn't. So I don't really see a problem with the cage being near it.
@ Foster Teen :
I don't think it's a bad place for them actually. Especially not if there are multiple guinea pigs in the cage for them to socialize with. Sometimes quieter places in the house like this are probably better since other areas could have more loud noises that would startle and stress them. Basement areas are also less likely to get too hot in the summer.
I am trying to decide between upstairs in the middle of chaos or the basement in the playroom for my piggies... my only concern is that the basement is so DARK! What do you do for light for your piggies so they are not in the dark all day long?