There are many advantages to ditching the hot water tank and going with a tankless water heater. The most important advantage, however, is cost efficiency. While tankless water heaters will cost more upfront, they will save you and your family money over time. They’re a great investment if you plan on staying in your home for a while.
According to Energy Star, homeowners will save an average of $100 a year using tankless water heaters, which quickly adds up. Over the course of your water heater’s life, you will save an average of $2,000, offsetting the initial cost of the system. Here’s how installing a tankless water heater in your home saves you money:
A tankless water heater will save a significant amount of energy, and you will no longer be spending money on the energy required to constantly keep the water in a storage tank hot. Instead, water is heated only when it is needed, making the amount of energy used dependent upon the amount of hot water your family uses. An average home uses 41 gallons of hot water per day, which is between 24 and 34 percent more efficient than the amount of energy required when using storage tank heaters. Even homes that use significantly more hot water, around 86 gallons per day, are still 8-14 percent more energy efficient with a tankless water heater.
Tankless water heaters can last up to twenty years, eight to ten more years than the average storage tank heater. Additionally, a tankless water heater has parts that are easily replaceable and cost effective, extending its life by several years. Saving an average of $100 a year over the course of twenty or more years demonstrates that these systems eventually pay for themselves.
Qualify For a Tax Rebate
By upgrading your home’s water heating system to a tankless water heater, you will likely qualify for a tax rebate. To ensure the heater you choose qualifies, look for an Energy Star label and hold on to the appropriate documentation, which should be handed over to your accountant at the appropriate time. You should expect to receive 30 percent or more back of the cost you spend on your system, up to the maximum rebate amount of $500.
More advantages of installing a tankless water heating system are that they take up less space than other systems, and you and your family will no longer have to schedule your showers around when the laundry is being done. Ensure a hot shower for all of your family members and consider upgrading to a tankless water heating system. If you live in the Fort Collins area and want more information on choosing the right system for your home, contact the experts at American Air Heating & Air Conditioning by calling 970-484-0400 or visit americanairheatingco.com.