Tankless water heaters are highly energy efficient and can save you a lot of money in the long term. Even though tankless water heaters cost more to install and set up initially, these costs are compensated by the energy they consume, which lowers your utility bills. Traditional water heaters with tanks consume higher energy as they heat up water and store it waiting for the heated water to be used. This means that you are paying unnecessary money to heat unused water. Water heaters with tanks also consume energy to reheat water that sits idle in the tank. Tankless water heaters, on the other hand, provide hot water on-demand and do not utilize excess energy for heating water that is not required. Newer tankless water heaters are also not susceptible to sediment build-up and corrosion due to water storage which enables them to consume lesser energy to function.
Traditional water heaters have a lifespan of 10-12 years whereas tankless water heaters can last up to 20 years if maintained properly. The longer lifespan reduces costs for replacing the water heater and is a long-term solution for homeowners with less repair and replacement costs.
Tankless water heaters are compact and occupy lesser space as compared to bulky traditional water heaters. Traditional water heaters with 40 to 60-gallon capacity are generally around 60" tall and 24" wide. A tankless water heater, in comparison, might be the size of a large computer, perhaps 20" wide by 28" tall and just 10" deep. Investing in a sleek tankless water heater can save you precious space in an age where real estate prices are skyrocketing.
High initial cost
Even though tankless water heaters offset the high initial cost by saving up on utility bills, paying a high cost upfront for purchasing a tankless water heater could be an inconvenience for many. High costs are definitely involved, be it a tankless water heater or traditional water heater, the only difference is that the traditional water heater costs you a great deal in the long run while a tankless water heater costs you a large amount upfront but ensures years of savings.
In comparison with a traditional water heater with a tank, tankless water heaters have a limited output as they do not have a storage tank. This could be a hindrance to large families with high hot water requirements several times a day.
These pros and cons of tankless water should help you make an informed decision regarding which water heater to purchase and satisfactorily answer your question of should I buy a tankless water heater. Consult your local hot water experts to solve any further queries in deciding which water to install in your home.