Do Tankless Water Heaters Save Money?
Tankless water heaters have many advantages, like limitless hot water, space savings, and higher operating efficiency, but many homeowners wonder if they save money.
On-demand water heaters, also known as tankless water heaters, heat water as it is used. Tankless water heaters provide a lot of advantages because they don't store water and heat it continually.
Unlimited hot water is a popular benefit among homeowners. Running out of hot water is typical in households with big or extended families, generally in the middle of a shower when you need it the most. A tankless water heater keeps a constant supply of hot water flowing.
A heat exchanger in a tankless water heater heats the cold water as it enters the device and continues to do so if hot water taps are utilized. When the system is no longer in use, it shuts down, saving energy by not having to heat water to sit in a storage tank.
Tankless water heaters come in various sizes, a significant selling factor. Tank water heaters are huge and bulky, taking up valuable space in garages and other interior areas. A tankless water heater is around the size of a suitcase and can be used both inside and outside the house. Many homeowners appreciate the ability to free up room for storage and beauty.
Energy efficiency is one of the most prominent reasons homeowners consider converting to tankless water heaters. Tankless water heaters are around 30% more efficient than traditional tank heaters. Because tankless water heaters do not continuously store and heat 40 or more gallons of water, they only use gas when hot water is required.
When it comes to energy efficiency, homeowners have one of the first questions whether they will notice a return on their investment right away. How much energy is used will determine the amount of money saved on energy bills. If tankless water heaters are used frequently, the energy costs may eventually balance out compared to a tank-style heater. However, one factor that homeowners consider is the amount of wasted energy. Due to heat loss and constant heating, there is some waste when using tank-style heaters to heat water.
Homeowners can compare their current usage to the energy efficiency ratings of the tankless water heater types they're considering.
Another cost-cutting feature of tankless water heaters is their warranties. Tankless systems come with a 12-year warranty as standard. In comparison, most tank styles are six years. Even with tankless water heaters' initial costs, homeowners will save money if they buy two regular water heaters instead of one tankless water heater.
Components of tankless water heaters can also be replaced over time. Unlike traditional water heaters, which must be replaced entirely when they break, many tankless parts may be fixed, extending their life beyond standard warranties.
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How Much Do Tankless Water Heaters Cost?
The upfront cost of a tankless water heater is more than that of a regular water heater. Because of the unit price and installation procedures, the cost is more significant.
Cost of a Tankless Water Heater Unit
Tankless water heaters can cost up to double as much as standard storage tank heaters, depending on the flow rate required. Because tankless water heaters can supply unlimited hot water, the flow rate is significant because the amount of hot water consumed at once is limited.
Cost of Installation
In addition, tankless water heaters are more complicated to set up. Tankless water heaters can take anywhere from half a day to a full day to install, and long gas lines are frequently required to manage the higher gas output. This raises the cost of labor and materials for tankless installations, which would not be a concern with standard water heaters.
Do Tankless Water Heaters Provide Instant Hot Water?
Instant water heaters and tankless water heaters are not quite the same things. Water must still pass through the tankless system to be heated before reaching the tap. Tankless water heaters can take a bit longer to deliver hot water, depending on where the fixture is. Many homeowners choose to add a recirculation pump beside their tankless water heater to make hot water available faster.
Maintenance
While expert plumbers recommend flushing all water heaters, annual maintenance on a tankless water heater is vital.
Although consumers can execute a flush themselves, a yearly tankless water heater flushing will help extend the water heater's life but will cost more in maintenance expenses. While it is a very straightforward procedure, it does necessitate patience and time. Many homeowners are apprehensive about doing it themselves.
How Much Can Tankless Water Heaters Really Save?
According to consumer evaluations and energy Star ratings, a tankless water heater can save up to $100 per year in electricity. If tankless water heaters endure even 15 years beyond their warranty, that's a save of $1200. When you factor in the cost of a second water heater, you might expect to pay a lot more over the life of your tankless water heater. Even if homeowners conduct annual maintenance, they can save money. However, pricing isn't the sole factor to consider when considering the various advantages of tankless water heaters.
Switching to a tankless water heater provides many benefits and is a good investment for your home and lifestyle. Depending on your family's demands and ultimate objective, cost reductions may or may not be the primary motivation for becoming tankless. However, regardless of how much money a homeowner spends on hot water, hiring a licensed plumber should be the first concern. A skilled plumber will guarantee that the installation is safe and compliant with plumbing codes and that homeowners have all the information they need to make the best selection possible.
If you are in need of plumbing help, call (631) 234-0687 now or schedule a service online!