Can a Tankless Water Heater Save Me Money on My Utility Bills?
It’s important to understand the benefits of energy efficiency.
When you make energy efficiency a top priority, you will soon realize that keeping costs down is a natural by-product. Because heating water accounts for such a significant percentage of regular home expenses, a tankless water heater can make an impact on your monthly bills.
Tankless vs. Tank
What’s the hullaballoo about these two heating options? Learning a bit about the mechanics of each option will help uncertain homeowners understand the benefits and drawbacks, and hopefully lead to a smart decision for their household.
A tankless water heater doesn’t store hot water. Instead it heats water as it’s needed, thereby eliminating energy lost for work not needed. A hot water heater with a tank keeps hot water stored and constantly heated no matter if the water is being used or not, creating some inefficiencies in your energy bill.
Long Term Savings
When you do the math, you will see a reduction in monthly utility expenses from using a tankless water heater. However, installing a tankless water heater comes with costs of its own. These costs can offset the savings for a number of years. Ultimately, homeowners will break even on the investment and start saving money, but they should be prepared for this to take a long time.
If you are already in the market for a new hot water heater, you might want to consider going tankless. It will reduce your monthly bills and give you the satisfaction of good green energy vibes. However, going out of your way to replace a perfectly good tank heater is not a cost efficient option. If you are unsure if a tankless hot water heater is good for you at this time, consult with your local HVAC company!