Tankless or on-demand water heaters are compact, provide hot water quickly and for a long time. These water heaters utilize water directly from the source and do not store them in huge, built-in tanks like storage type water heaters. Though the mechanism is a little more complex, tankless water heaters survive for 20+ years, if maintained properly. Also, most experts say that tankless water heaters are cost-effective and help you save money. While many others argue on this claim. To know how tankless water saves money, keep reading further:
How much do tankless water heaters cost?The initial cost of a tankless water heater is generally higher than that of the storage type water heaters, but for the long run, this water heater is considered to be a cost-saving variant. The initial cost to buy and install a tankless water heater can be up to three times the cost of a traditional tank water heater. It requires special skills and proper plumbing system to install a tankless water heater.
How cost- and energy-efficient are they?Depending on the use, a tankless water heater saves 15%-40% energy when compared to a tank-type water heater. Energy savings lead to cost savings. According to Energy Star, tankless water heaters can save $100 or more per year. Unlike a tank type water heater, tankless water heater provides hot water only when needed. A storage type heater stores water and consumes energy or gas to heat water all day, even when the tank is not in use or when you don’t want hot water. On the other hand, a tankless heater consumes energy only when you turn on the hot water faucet. The utility costs and energy are even lowered if you insulate the first 6-feet of pipes connected to the heater, as insulation prevents heat loss.
What are the maintenance costs?A tankless water heater requires a lot of maintenance. Unlike any other tank type or traditional water heater, this heater requires yearly inspection and maintenance. This heater has many electronic components making it more prone to failure and needing repair. The overall costs of gradual repairs erase the cost you save on the utility bills.
The choices are many. If you are ready to pay a little extra for the initial cost and can maintain your water heater properly, tankless variants are the best for you. To install a new tankless water heater without any installation mistakes, get in touch with our professional water heater installers. Here, at Hot Water Tanks Edmonton, we have professionals who know the pros and cons of each water heater type and can easily explain which variant is suitable for various needs.