The number one reason behind your high electric bill is an item that operates 24 hours a day. Your storage tank water heater is costly because it is always functioning. The reason for this is because a standard storage tank water heater is always working to keep water heated, even when you are not using it.
This leads to increased energy usage and an increased electric bill. However, many homeowners are looking for alternatives, and many consider tankless water heaters to solve this issue. Just how effective are these tankless water heaters and what are the tankless water heater savings if one is installed? The most significant aspect is the tankless water heater energy savings.
A tankless water heater operates only when you turn on a hot water tap, heating water through copper and brass heating elements. When you shut the water off, the tankless water heater also turns off. This leads to the preservation of energy and subsequently lowers electric bills. In fact, most homeowners can save on average between 30% – 50% off their current bill. This is only one of the most obvious ways in which a tankless water heater saving you money.
Other cost-cutting features come along with this device. Switching to a tankless water heater will help the environment in 3 ways. Going tankless will reduce the number of fossil fuels you consume to heat your household water. Secondly, as tankless heaters are typically smaller units than traditional hot water tanks, they require less metal and help reduce the global demand for mining and metal consumption. Thirdly, tankless heaters last 2 – 3 times longer than traditional hot water tanks and will further reduce the demand for metal inputs and lower landfill waste levels.
Savings through reimbursements
Depending on where you are located, your government will reward you with a $300 tax credit just for installing a tankless water heater. Though it can vary, it has happened before. The government isn’t known for just handing out free cash, so that should tell you that they believe in the benefits of tankless water heaters to the homeowner as well as the environment.
While purchasing and installing a unit will initially cost around $1800, these units will last for 15 years or more without any need for maintenance. That $1800 investment will certainly pay for itself in a couple of year’s time when you consider the huge savings on your monthly electric bill.
Savings from potential problems
Storage tank water heaters tend to develop leaks at some point. These leaks can end up costing you thousands of dollars in repairs and replacements. These types of leaks are not a concern with a tankless water heater, thus saving your money down the line. Also, tankless water heaters are equipped with venting systems that filter out any harmful gasses or impurities. This keeps your family safe and healthy, and free from the concerns that sometimes come with storage tank water heaters.
As you can see, the smaller and more compact tankless water heaters save money in a variety of ways. These tankless water heater cost savings and benefits will help ease your monthly electric bills and your utility, do consider this type of system into your home and benefit yourself with these advantages.