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Can a Tankless Water Heater Save Me Money?

Posted on: March 19, 2018

You’ve probably heard talk about “tankless water heaters” as one of the best new options for a home and perhaps wondered if you should have one installed. If you have an aging storage tank water heater that may need to be replaced within a few years—or even this year—then it’s a good idea to keep a tankless water heater high on your list of choices. It might not be the best choice, but the many advantages of this type of water heating system are impossible to ignore. We’ll look at one specific example today: how tankless water heaters can save you money.

Will You Save Money? Almost Certainly

There are no such things as absolutes when it comes to home plumbing, heating, and cooling. No single type of water heater is right for all homes, just as no water heater can be 100% repair-proof. It’s the same for a tankless water heater and saving money. We can’t say for absolute certain that putting in a tankless water heater will lower your cost of living. But if you work with professionals and get the right type of system, then you almost certainly will cut down on your annual bills by going with a tankless unit.

How does a tankless system lower costs? In a number of ways:

  • Less energy consumption: A storage tank water heater must run regularly to keep the water in the tank at the right temperature. As heat escapes the tank through standby-heat loss, the gas jets or electric heating elements must turn on to replace that heat. A tankless system, on the other hand, only runs when there’s a demand for hot water. This means it runs far less often than a tank system and lowers energy bills.
  • Fewer repair costs: Because a tank water heater runs more often, its parts suffer from higher wear and tear. A tankless system should need fewer repairs over its service life, putting that money back in your pocket.
  • Longer lifespan: Because there’s less strain on the system and fewer repair troubles, you can expect a tankless water heater to work for years longer than a storage tank system. That’s extra years of energy savings and a higher return on your initial investment.

The Installation Cost Caveat

A tankless water heater does cost more to purchase than a tank water heater. This is something you’ll consider up front. Depending on your current budget plans, a tankless system might not be a good fit for you. But if you factor in the savings over time, the investment may seem a wise one. This is one of the reasons to work with the experts: they can help you balance out the various costs and savings so you end up with the best possible new water heater installation.

Our plumbers offer services for water heaters in Durham, NC, and that includes installation of top-of-the-line tankless models. You can contact us for an appointment to find out if a tankless water heater is the right choice to meet your family’s daily hot water needs as well as the right fit for your current budget. We also install and service storage tank water heaters and heat pump water heaters, the latter of which is an excellent choice for all-electric homes.

Bud Matthews Services is here in the Durham, NC area for all your home service needs.

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We recognize that our services are of a special and often emergency nature, and we remain fully committed to fulfilling the needs of our community even as potential demand for our services may increase with more families either choosing to or being required to remain home for extended periods of time. More importantly, the safety of our employees and customers is always our highest priority, and we recognize that heightened diligence and focus on health and safety is required during these challenging times. We are actively monitoring updates from the CDC, WHO and local health officials; and we have been proactively and continually implementing measures and developing plans to prioritize the health and well-being of our employees and customers. Including:

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