If you’ve noticed your electricity bill soaring, your hot water system could be the culprit. Water heaters make up almost 17% of your home’s electric usage. This can easily be reduced by installing a tankless water heater.
Benefits of a tankless water heater
- Requires less space than a traditional water tank.
- Uses less energy to heat water, which helps reduce your electricity bill.
- Water heats up instantly.
- Water temperature is consistent.
- Tankless heaters tend to have a longer lifespan than traditional water heaters.
So, what is a tankless water heater?
Tankless water heaters, also known as on-demand water heaters heat water as it flows through the device. It heats water only when you turn the faucet and usually uses natural gas or propane (as opposed to electricity) They are about 24% more energy efficient than traditional tank water heaters and can be installed outside of the home if internal space is not available.
How does a tankless water heater work?
When the hot water tap is turned on, cold water travels through a pipe into the unit. Either a copper electric element or gas burner then heats the water. Some tankless heaters have their own thermostat, so you can control the temperature of the water. Larger households may require more than one tankless heater.
How much will it cost me?
Tankless water heaters range from $800 to $3,000 depending on the size, features and efficiency. The cost of installation can range from $1,300 to $2,000, whereas a traditional heater costs around $800 to install. Although the installation costs more from the outset, the ongoing cost of running a tankless water heater is far less costly than running a conventional tank heater. Music to your ears!