Do You Save Money With Tankless Water Heater?
An endless supply of hot water – that’s the dream, right? No matter how many people got dibs on the shower before you, you still have a hot one waiting. That is the primary benefit of investing in a tankless hot water heater. However, many also take advantage of the savings that can come with a tankless model. Here’s how you save money with tankless water heater?
As a more energy efficient way to heat your water, homes can often save between $70 to $100 per year with gas-powered tankless water heaters being more efficient than electric models and larger families reaping more efficiency benefits. Unfortunately, we need to have an honest discussion about tankless water heaters. It will probably be awhile before you start feeling the savings of its energy efficiency.
The major concern of tankless water heaters is the expense that comes with their installation. The tankless models alone are already more expensive at purchase than storage tanks. Often tankless water heaters cost over $1,000 just to purchase. Unfortunately, it is the installation costs that are the real pain point for tankless water heaters.
A tankless water heater needs to be installed by a qualified plumber. Furthermore, not every house is automatically set up to receive one. Many homes do not have the correct wiring to support a tankless water heater, meaning an expensive rewiring job may be required and an electrician will also need to come out. This is something that can run up to $5,000 to do and is typically the most expensive part of getting a tankless water heater.
While getting a tankless water heater can be great for energy efficiency as well as an endless supply of hot water, if you are considering one, it highly beneficial to have your home inspected by a plumber first to get an estimate of the true costs. If your house needs rewiring, you may want to save up a little more before making the investment in a tankless water heater.
If you are considering a new water heater or have any other plumbing issues that need inspection or repair, contact us today.