13 Nov Saving Cash with Tankless Water Heaters
You may not think that your old water heater is costing you much money. Well it is. In fact according to Energy Star, 14% of all monthly utility expense can be directly attributed to your water heater. Why so much? A standard water heater keeps your water hot 2 hours a day, no matter if you need the hot water or not. Think about the amount of time that you actually use hot water – maybe 2 hours a day, maximum for laundry and showering. Maybe a few minutes here and there to do dishes and wash your hands. In all, your water heater is keeping water warm for a majority of the day for no particular reason other than to have it on standby.
Tankless Water Heaters Eliminate Waste
New, tankless water heaters eliminate this waste. They only heat water when you need it. It’s a completely on demand system. Sure, they cost a bit more than standard water heaters, but they will save you money in the long run. Here’s how –
- According to Energy Star, a tankless water heater will save the average family $100 or more in water heating costs (Consumers reports puts the number at closer to $80).
- The tankless heater will cost about $1000. A Standard heater will cost about half that.
- Standard water heaters last about 13 years. Tankless water heaters run for 20 years or more.
How Long Will it Take To Recoup Initial Costs?
A little number crunching will show you that you will recoup your initial investment of $500 in 5 to 7 years. The next 13 to 15 years is all savings. The total savings could be as much as $1500 just in water heating savings. That’s not even factoring in the extras $500 you’d need to replace the standard unit in year 13.
There you have it. The argument for money savings is pretty strong. It’s even stronger if you have a smaller family that uses less hot water. Want to find out more about tankless water heaters and if they are right for your family? Give us a call at Premier Plumbing today!