Your water heater consumes a lot of energy, whether in use or not. Let’s say for a second you have an electric water heater. Well, you have to use electricity to keep the water warm as you wait to use it. And electricity isn’t efficiently produced.
So, for most homeowners, hot water heaters are the second highest source of energy use.
But, the nice thing about living in the most innovative country in the world is there’s an affordable solution to your problem. Tankless water heaters are that solution.
They consume much less energy because they don’t hold your water and heat it. Instead, they actually heat it when you need it.
But should you actually consider buying one?
Pros and Cons of Tankless Water Heaters
Tankless water heaters actually cost more than water heaters with tanks. However, their biggest overall advantage over water heaters with tanks is their cost savings. And here’s how they save you money:
- You use much less energy to heat your water than you would with an electric water heater
- Tankless water heaters have a typical lifespan of 20+ years, compared to 10-15 for water heaters with tanks
- Tankless water heaters also have easily replaced parts, which can extend their life to well beyond 20 years
- In some cases, federal and state tax credits are available for tankless water heaters
- Also, tank-based water heaters collect sediment, which harms their efficiency and increases your costs over time
Will You Have to Wait for Your Hot Water?
Let’s say you have a fairly average-sized family of 4. Two people want to take showers, and one wants to wash the dishes – all at the same time.
If you have the appropriately-sized tankless water heater, there’s no need for fighting. It can heat all the water you need immediately.
Finally, let’s say you have limited space in your home. Or, maybe you’re in an apartment or a condo. Tankless water heaters, for obvious reasons, take up far less space than their tank-based counterparts. You’ll free up some storage space too.
Finally, don’t forget that since you’re using so much less electricity, you’re doing your part to save the environment also.
So, if you have the additional cash available for a tankless water heater, they make good sense in just about every way.