A tankless water heater can save money on energy costs.
Unlike a traditional tank water heater, which stores heated water until you're ready to use it, a tankless water heater supplies hot water only as you need it. Since you don't have to spend the money to constantly heat a tankful of water, you can save money. There are additional savings as well. However, a tankless water heater isn't necessarily cheaper than a tank water heater when you consider all the costs.
Financial Savings
The amount of money that you save by using a tankless system varies according to how much water you use. In a comparison test by Consumer Reports based on average family water usage, you could save about $70 to $80 a year by using a tankless water heater.
Energy Savings
If you're more concerned about your carbon footprint than the cost of your water heater, the tankless system is a clear choice. The U.S. Department of Energy states that tankless water heaters are about 24 to 34 percent more energy efficient than tank water heaters.
Time Savings
Finances and energy aside, the time that you save using a tankless water heater may make the purchase worth more to you. With a traditional water heater, you may use up all the water in the tank during a shower or using the dishwasher. In a house with many people, it can be inconvenient to have to wait 30 minutes between showers for a new batch of water to heat up. With a tankless system, you won't have to wait.
Higher Costs
Overall, a tankless water heater may be more expensive than the traditional model. The cost of a tankless system is typically about $500 more than a tank water heater, depending on size and model. Additionally, you should have a professional service the tankless system once a year. Consumer Reports suggests that it may take as many as 22 years to recoup the difference in cost based on the energy savings of a tankless system, at which time, you will probably have to replace the tankless water heater because it is old.
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