Tankless Water Heaters
With energy costs on the rise, many households are looking for ways to trim expenses. Installing a tankless water heater can cut back on wasted energy, allowing water to be heated as needed, instead of being stored in a tank and kept at a constant high temperature. While tankless water heaters currently make up 10% of the $1.9 billion market, that percentage is creeping up as homeowners are discovering the benefits.
What Is a Tankless Water Heater?
Mainstream water heaters store hot water in a tank, so it’s ready to use. However, if you don’t use the water, this adds up to wasted energy and money. A tankless water heater provides “on demand” water heating. It doesn’t store hot water in a tank; instead, it only heats water as you need it.
How a Tankless Water Heater Operates
With a traditional water heater, when the faucet is turned on, hot water flows from the tank to the faucet. However, with a tankless water heater, there is either an electric or gas element that heats the water as it flows through the pipes.
Installing Tankless Water Heaters
The best option for correctly installing a tankless water heater is consulting with a plumber. If you have a large family, you may need to install multiple water heaters to meet the household’s hot water needs. An experienced plumber can discuss your family’s hot water needs and determine if one water heater will suffice, or if you need two.
Before choosing a plumber, get a few different bids. Be sure the materials used are comparable on the bids, allowing for a more accurate comparison. Also, create a formal contract outlining the work to be completed, pricing and delivery date to ensure everyone is on the same page.
Cost of Tankless Water Heaters
Homeowners often think installing this energy saving device is expensive. However, tankless water heaters start at about $200, depending on the model chosen. You’ll also need to pay installation charges, which varies depending on plumber’s rates in your local area. Since heating water is expensive, the energy savings will catch up to the costs quickly.
Also, since tankless water heaters cut down on energy usage, you may qualify for a tax credit. Save all of your receipts, and talk with your tax preparer about possible tax savings.