Will a Tankless Water Heater Really Save Money?

When it comes to water heaters, one of the biggest questions our Sound Heating specialists get asked is, “will a tankless unit really save me money?” The answer is yes, but it takes some explaining, which we will do below. You can also access direct help with any questions you may have about installing a tankless water heater in your home by making an appointment with one of the experts from Sound Heating.

How the Costs Breakdown

The initial costs of a tankless water heater are typically more expensive than that of a storage tank water heater, but this isn’t where the savings comes in anyway. Where the savings comes in is over time, in the form of less energy usage. Storage water heaters not only use a greater amount of energy, they also lose a greater amount of energy, something known as “standby heat loss”; this type of heat loss can account for up to 30% of the energy a storage tank water heater uses. So how do you determine how a tankless water heater can save you money? First, you take into consideration that a tankless water heater will save you about $100 per year in annual energy costs. Second, you look at the lifespans of a tank water heater versus a tankless water heater: tank water heaters have an average lifespan of 8-12 years while tankless ones have a lifespan of 20. When you multiply $100 by 20 years, that’s a total savings of $2,000. Of course, these numbers represent averages, but it stands to reason that you will save money over the lifespan of your tankless water heater’s life.

Other Tankless Benefits

Money savings is just one benefit a tankless water heater can offer you. Some other benefits include:

  • Endless hot water – because tankless systems provide hot water on demand, you won’t ever have to worry about running out of hot water.
  • Gas or electric options – tankless water heaters can use either gas or electricity for power.
  • Space-saving – tankless water heaters are considerably smaller than storage tank ones, which opens up a lot of room for your home.

If you’ve been looking for a way to save on your energy costs, and a tankless water heater sounds like it may be a fit for your home in Auburn, WA, call Sound Heating today!

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