Tankless Water Heaters: Why They Might Cost More Than You Think and How to Save!
What To Know
- The initial cost of a tankless water heater is typically higher than that of a tank water heater.
- The cost of installing a tankless water heater will vary depending on the complexity of the installation and the location of the unit.
- While the initial cost of a tankless water heater may be higher than that of a tank water heater, the long-term savings on energy bills and maintenance costs can make them a more cost-effective option over time.
Tankless water heaters have gained popularity in recent years, but one of the most common questions potential buyers have is: “Is tankless water heater more expensive?” The answer to this question is not always straightforward, as there are several factors to consider. In this comprehensive blog post, we will delve into the cost of tankless water heaters, comparing them to traditional tank water heaters, and explore the factors that can affect their overall cost.
Cost of Tankless Water Heaters vs. Tank Water Heaters
The initial cost of a tankless water heater is typically higher than that of a tank water heater. A tankless water heater can cost anywhere from $500 to $2,000, while a tank water heater typically costs between $300 and $1,000. However, it’s important to note that tankless water heaters have a longer lifespan than tank water heaters, lasting an average of 15-20 years compared to 10-15 years.
Factors Affecting the Cost of Tankless Water Heaters
Several factors can affect the cost of a tankless water heater, including:
- Size: The size of the tankless water heater, measured in gallons per minute (GPM), will determine its capacity to provide hot water. Larger tankless water heaters will cost more than smaller ones.
- Fuel type: Tankless water heaters can be powered by gas, electricity, or propane. Gas tankless water heaters are typically the most affordable, followed by electric and propane tankless water heaters.
- Installation: The cost of installing a tankless water heater will vary depending on the complexity of the installation and the location of the unit.
- Brand: Different brands of tankless water heaters may have different price points. It’s important to compare prices from multiple brands before making a purchase.
Comparing the Energy Efficiency of Tankless Water Heaters
Tankless water heaters are more energy-efficient than tank water heaters because they only heat water when needed. This means that they can save you money on your energy bills over time. The Energy Star program estimates that tankless water heaters can save homeowners up to 34% on their water heating costs.
Maintenance Costs
Tankless water heaters require less maintenance than tank water heaters. They do not need to be drained or flushed regularly, and they have fewer parts that can break down. However, it’s important to have your tankless water heater inspected by a qualified technician every year to ensure it is operating properly.
Environmental Impact
Tankless water heaters have a smaller environmental impact than tank water heaters because they do not store hot water. This means that they do not contribute to greenhouse gas emissions or water waste.
The Bottom Line: Is Tankless Water Heater More Expensive?
The answer to the question “is tankless water heater more expensive?” depends on several factors, including the size, fuel type, installation, brand, and energy efficiency. While the initial cost of a tankless water heater may be higher than that of a tank water heater, the long-term savings on energy bills and maintenance costs can make them a more cost-effective option over time.
Questions We Hear a Lot
Q1. How much does a tankless water heater cost to install?
A. The cost of installing a tankless water heater typically ranges from $500 to $1,500.
Q2. What is the lifespan of a tankless water heater?
A. Tankless water heaters have a lifespan of 15-20 years, which is longer than the 10-15 year lifespan of tank water heaters.
Q3. Are tankless water heaters more energy-efficient than tank water heaters?
A. Yes, tankless water heaters are more energy-efficient because they only heat water when needed.
Q4. What size tankless water heater do I need?
A. The size of the tankless water heater you need depends on the number of people in your household and the amount of hot water you use.
Q5. How often should I have my tankless water heater inspected?
A. It’s important to have your tankless water heater inspected by a qualified technician every year to ensure it is operating properly.
