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When purchasing a new water heater, it’s important to know what products are out there on the market. In this instance, you’re comparing storage tanks to tankless products. If you’re used to the old storage tank water heaters, then you’re likely enjoying what the price tags tell you. Yet spending a little more on the tankless version comes with its benefits, too.
Those tankless models might be more expensive, but they last longer, too. Not only that, they are more energy-efficient. In fact, sources point to them being up to 34 per cent more energy efficient. That’s a big number, and it means you are going to continuously save money. What you want to do right now is decide if you’re willing to make a larger investment when purchasing a water heater.
You can certainly crunch the numbers, too. Figure out what your savings would be yearly and over the life of the water heater. Compare those figures to the actual cost of the product. Consider the fact, too, that these tankless water heaters modernize your home and up its resale value.
Those old-fashioned storage tanks only hold so much hot water. And that capacity is only going to take you so far. If you have a full household, you can benefit from hot water on demand at all times with the tankless water heaters. However, one con about the tankless models is that you can’t count on them to supply hot water to different parts of the house at the same time.
By the way, that energy savings number, 34 per cent, is on average. Let’s say that your household is quite large, and you use a ton of hot water a day, nearly 100 gallons. In that case, you might save up to 44 per cent on your energy bill. Practically cutting your energy bill in half is nothing to sneeze at for sure.
The tankless products also don’t clutter your space. Those storage tanks are quite large and require space in order to be setup. The tankless models are smaller, but on the flip side, installation isn’t quite a cut and dry. You’re going to want to know what it’s going to cost you to install a tankless water heater and if there are any extra steps involved in your case.
A regular water heater is going to cost you anywhere from $500 to $1000. A tankless one is going to be at least $2k, and the price goes up from there. While that does indeed seem like a big jump in price, now you know more about the savings involved with having a tankless model.
Which would you rather have installed in your home, a tankless water heater or a storage-tank water heater? It seems like with what you know now, the obvious choice is the tankless model. The popular water heater brands include Joven, 707 and Ariston. But the choice that still stands is whether or not you want to spend that type of money upfront. You sure would save a considerable amount of dough over the long run, but you have to want to make that initial investment.