Does A Tankless Water Heater Save Money

Tankless water heaters may lower your energy bills but that doesn t always mean they ll save you money according to the department of energy the average american household spends 2 060 annually on energy bills.

Does a tankless water heater save money.

And 13 of that cost is for heating water. The investment you put into a tankless water heater will save you money in the long run experts say since gas and electricity won t be running to constantly maintain water temperature. The exact cost will depend on unit placement location of your home fuel types available and if it is a new home or a replacement for an older home. Tankless water heaters offer tremendous benefits such as endless hot water space savings and increased operating efficiency but homeowners often ask do tankless water heaters really save money.

Sure the initial cost to install one may be slightly more. According to energy star they can save 100 or more per year while consumer reports estimates savings to be only 70 80 per year. Tankless water heaters are on demand water heaters that heat water as it is used. The efficiency of tankless water heater over storage type heaters is 24 34.

So to recover the cost you need to operate your tankless systems for 5 or more years at least. Energy star states that a tankless water heater could save a family of 4 95 per year. So will a tankless electric hot water heater save you money. To estimate your savings think about your family s water usage.

Add to that the coil replacement cost and other expenses towards professional installation etc. This may vary based on your family s water consumption. If you purchase a heatworks water heater the answer is a resounding yes.