On average, it is true that tankless water heaters are more efficient that tank water heaters. It is also true that they are more expensive. This expense has many potential buyers wondering if the cost can be justified by the energy savings over the long run. You should find out how much energy you’ll save before you decide whether or not to purchase a tankless water heater. The information provided by manufacturers can vary. To get started, it’s important to have the following information available:
- The cost of the installed tankless water heater
- Gallon amount usage per day for an average family
- In use efficiency of a typical tank water heater vs tankless water heater
- Annual natural gas savings and dollar savings to switching from a tank to tankless.
Research from Minnesota* concluded that most tankless water heaters will fall apart from old age before they save enough energy to justify the high cost. Also, the study found that the tankless water heaters save less energy that some energy experts claim. Installing a tankless water heater is a complicated process. It’s not as simple as swapping out an existing tank for a new one. In many cases, a tankless water heater will require venting methods that are different from what is currently in the house.
Example Tankless Water Heater Prices From Report:
- Non-condensing tankless water heater – $1,500 to $2,500
- Condensing tankless water heater – $2,500 to $3,500
Calculating The Payback From Report:
- Non-condensing tankless water heater – 21 to 35 years
- Condensing tankless water heater – 27 to 38 years
What makes tankless water heaters so special? They don’t take up space in your home and if you need hot water, you’ll get it. This point alone is a benefit which many homeowners use to justify the price. Having what you want when you need it makes tankless water heaters not a waste of money. Contact American Homes Services so we can help you with the change.