Benefits of Tankless Water Heater vs Standard
Looking to replace your water heater? It’s time to do some research and find out whether a tankless water heater or tank (standard) water heater is best for you and your home.
Is a Tankless Water Heater More Energy Efficient?
Standard water heaters (also known as storage water heaters) are vastly inefficient. With many homeowners doing their best to minimize unnecessary energy use, tankless water heaters are becoming increasingly popular.
According to Energy.gov, if your home uses 41 gallons or less of hot water daily, tankless water heaters can be 24% to 34% more energy efficient than conventional storage tank water heaters.
Where Does a Tankless Water Heater Go?
A tankless hot water heater takes up far less space that a standard water heater. This means it can fit discreetly in all kinds of nooks around your home.
With a tankless water heater, long gone are the days of an oversized tank taking up precious space in your basement. Small spaces such as the cupboard under the stairs, inside closets, under the sink or within your pantry make the perfect home to the smaller tankless water heater.
In terms of tankless water heater vs tank, if you love space-saving solutions a tankless water heater is perfect for your home.
How Much More Expensive is a Tankless Water Heater Compared to a Standard Water Heater?
When it comes to choosing between a tankless water heater vs tank in terms of cost, the following points are important to consider.
- The initial purchase cost of a tankless water heater is generally higher than that of a standard water heater.
- The cost of installing a tankless water heater may also be more than it would be for a standard water heater.
Will I Save Money With A Tankless Water Heater?
Despite the initial increase in cost, there are many cost-saving benefits to choosing a tankless water heater.
- According to Energy.gov, gas-fired, tankless water heaters will save homeowners over $100 annually. Although initial installation costs are higher for that of a tankless water heater, these energy savings will add up as the years go by.
- Although initial cost is more, tankless water heaters typically last a lot longer- often double the amount of time of a standard water heater. Choose a standard water heater and expect it to last 8-12 years. Invest in a tankless water heater and expect it to last 20 years.
If you’re able to budget for the initial increased cost of a tankless water heater vs tank, it may be financially worthwhile long term considering the ongoing savings on energy bills and lifespan of the water heater, combined with the many other non-financial benefits a tankless water heater has to offer.
Other Benefits of Tankless Water Heaters
While environmental benefits and lowering energy costs are most likely your main concerns when choosing the right hot water heater for you, there are many other advantages and disadvantages to consider.
- A tankless water heater brings you hot water instantly – no more waiting for the water to heat up before the next person can shower
- No more taking it in turns to use the hot water – with a tankless water heater there’s plenty of hot water to go round – you can do the dishes, run the washing machine and take a shower at the same time.
If you have a large family and busy home life, these conveniences can make all the difference! If on-demand hot water is important to your quality of life, these points are certainly worth consideration.
More information on Tankless Water Heaters vs Tank
Looking for more information or exact pricing for tankless and standard water heaters? We are the professional plumbing, electrical, heating and cooling team you can trust, and would be happy to provide you with all the information you need and a free quote for your project. Contact us today!