There's a lot of buzz surrounding the benefits of tankless water heaters. If it is time to replace your current water heater you may want to consider whether the tankless type is worth investing in. It does save money in some instances, but it is not optimal for everyone. Large families may not realize enough savings to make the increased cost worth the effort. There is also some complaint about consistent water temperature. Under the right conditions a tankless water heater can be the best solution.
How Much Do Tankless Water Heaters Cost?
The price of a tankless water heater will vary depending on the demand in your area, the brand, and the capacity of water heating you need to do. They average anywhere from $800 to $1,200 at the time of this writing. Normal tank water heater systems can run from $350 to $500 on average. This is based on gas models, since electric models drastically under-perform when it comes to the demand for hot water flowing from a cold water source.
How Much Money Do They Save?
Tankless water heaters are said to save around $70 to $80 dollars per year and have a lifespan of approximately 20 years. The less you use hot water the more you save overall. This is because it only fires up on demand, rather than keeping a tank of water hot at any given time. It is the perfect solution if you live alone or travel frequently.
Are They Worth the Investment and Installation Cost?
The purchase of the tankless water heater is only half of the initial expense in many cases. If you have to upgrade things like gas lines, ventilation, and electrical plug-ins then it can bring installation costs up to around $1,200. Installing a standard tank water heater may run around $300. There are also increased maintenance costs when the lines need to be flushed to remove mineral deposits. You may even be required to add a water softening system if you have hard water.
The decision as to whether it is worth the investment is really one that you need to balance out with your average hot water usage and overall savings per year. Since an average family will only save enough to break even over the life of the unit it may be worth a second thought. The initial costs may be high, but if you do not use a lot of hot water then you would realize some big savings. You will not be paying for periods of having hot water that never gets used.
