Do Tankless Water Heaters Save Money?

There are many reasons why you may be in the market for a new water heater. Perhaps your old water heater gave out or is nearing the end, or maybe you are looking at ways to improve the efficiency of your home. When shopping for a water heater, it is important to consider all of your options; tank storage water heaters or tankless water heaters. Tankless or on demand water heaters are often touted as the  more efficient of the two, but do tankless water heaters really save money? Here is what you need to know.

 

How Tankless Water Heaters Work

Tankless water heaters work differently than tank storage water heaters. While tank storage water heaters heat and maintain a constant storage of water in their tank, tankless water heaters heat water on an as needed basis. When the hot water tap is turned on, cold water flows into the tankless water heater, where it is then percolated. This provides an instant and steady stream of hot water. The heating mechanism used can either be gas or electric powered.

tankless water heaters save money

How Tankless Water Heaters Save Money

There are several ways tankless water heaters save money. For starters, they do not use as much gas or electricity maintaining a whole tank of water. Instead they provide hot water on an as needed basis. If the water heater is not engaged, it is saving power. 

 

The US Department of Energy estimates that tankless water heaters allow small usage households of 41 gallons of water or less per day to be 25-34 percent more efficient. And for households that use 86 gallons of water or more per day to be 8-14 percent more efficient. Having a dedicated tankless water heater for appliances like dishwashers and washing machines can make households up to 50 percent more efficient.

tankless water heaters save money

In addition to the energy savings of a tankless water heater, they also last longer. This helps tankless water heaters save money by saving the homeowner on early replacement. Since tankless water heaters can last over 20 years, and tank storage water heaters only last 10-12 years, tankless water heaters offer a bigger bang for your buck. In addition, tankless water heaters are easier to maintain and repair. 

 

The Pros and Cons Of Tankless Water Heaters

As with all things, tankless water heaters have their benefits and their shortcomings. Some benefits of tankless water heaters include: energy savings, a constant supply of hot water, they take up less room, are lower maintenance, are easier to repair, and last longer. With all that being said, tankless water heaters also carry a higher upfront price tag, and more than one unit may be required based on the projected usage. If too much demand is placed on one heater, the unit may have a difficult time keeping up with demand. 

 

With all things considered, tankless water heaters are an excellent choice if you are in the market for a new water heater. Wondering if a tankless water heater right for you?  Contact Rooter Hero to talk about your options. Learn more here. 

 

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