Have you noticed your utility bills rising? Companies all around the United States are changing their rates on gas and electricity, and it fluctuates so often. It’s a real problem for homeowners.
The only way you can control how much you’re being charged is to control how much you use. In the case of water, tankless water heaters are often referred to as the number one solution to save money on water.
But hold on: tankless water heaters are great and convenient and all, but do they really save you that much money? Let’s talk about that.
Let’s Talk About Monthly Utility Bill Savings
When you put tankless water heaters against traditional storage tank water heaters, there are a few differences. Some of them may seem a little underwhelming, but it’s important for you to know.
Tankless water heaters do not instantly heat water. It still takes a small amount of time for the unit to heat water in the pipe passthrough. However, you’re only paying to heat that amount of water instead of constantly keeping a large tank of hot water available.
So does this save you money each month? It sure does. You’re using less fuel or electricity to heat your water, so it saves money. The amount, however, may be nominal in comparison to the investment you made by switching to tankless.
On average, families can save just over $100 annually heating their water. There’s a certain point where tankless and storage tank water heaters don’t have much of a difference in terms of savings. That depends on your family size.
The bigger your family (and therefore, the more water that’s being heated each month), the more you will save with a tankless unit over a storage tank water heater. So in short, it’s better to go tankless if you use a certain volume of water.
Let’s Not Forget Installation Costs
Tankless water heaters aren’t cheap. Then again, no water heater type is going to be cheap to install. That being said, the upfront cost can be a little daunting.
Factor in the annual water savings (roughly accounting for your family size), and with the average lifespan of tankless water heaters, the savings will pile up.
The good news is that on average, tankless water heaters last longer than tank storage water heaters. So ideally, you won’t need to replace a tankless water heater as frequently.
When you buy tankless, you’re making an investment in your home. Upfront, it’s more, but in the long run, you optimize your home to save you as much money as possible without compromising the quality of your home comfort.
Is Tankless Right for You?
While tankless may not be the move for everyone, it does offer annual savings that will help just about anyone save money. The more water you use each month, the more you can benefit from a tankless water heater.
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