After moving into your new home, you may be thinking about what to change and upgrade. New tiles, new kitchen outlets, bigger deck. The list goes on. Eventually, you might start thinking about your water heating options. Low and behold, you stumble upon tankless water heaters – the heaters that offer endless hot water (unlike traditional tank solutions).
However, getting one for your property can be quite expensive. They generally cost $500 – $2000 upfront with another $1000 or more for installation. This can be more than double a traditional tank water heating system. So, you may be wondering to yourself, is it worth the investment?
The short answer to that question is yes. And we will explain why.
Tankless Water Heaters Last Longer
Firstly, they last longer and are more energy-efficient. Tankless water heaters can last more than 20 years. In fact, with the right maintenance, you can push them beyond 30 years. Compared to standard tank water heaters, this is about 10 – 20 years more life!
Energy efficiency is also quite high. This is because they do not suffer from ‘standby loss’ that plague tank water heaters. They only heat water when you need it rather then keeping the water warm for when you might need It. Over a year of usage, you’ll save more energy and more money on your electricity or gas bill.
In fact, the Department of Energy states that you can save more than 20% on your energy usage than a conventional water heater (depending on how much water you use). This can lead to over $100 in savings per year.
A tankless water heater will typically pay itself off after 20 years or so, but you can expect instant savings versus a tank water heater as soon as you install and start using the unit.
Increase Properties Energy Rating
They also increase a properties energy rating. It’s known that eco-friendly, green, or high energy rated homes sell quicker and for a premium. Across many countries, retail value for an eco-friendly home can be boosted by 5 – 10%.
A high energy rated home is simply one that is very efficient in using input energy. In essence, the utilities you use will require less energy for greater output. Through a variety of fixtures such as water-saving faucets and solar panels, your energy bills will be significantly lower compared to a standard house.
A tankless water heater is a great way of adding to your homes energy rating and boosting the resale value when auction day comes along.Is Buying a Tankless Water Heater for Your Home Worth the Money?
You Got a Tankless Water Heater, Now What?
So I’ve decided to get a tankless water heater…what next? Well, before buying a tankless water heater, there are a couple of things you can do to ensure that you save even more money so the investment pays itself quicker.
Gas or Electric?
If you’ve decided that tankless water heaters are the way to go, you need to decide between a gas or electric-powered one.
Whilst electric units are cheaper to buy, they are also more expensive to run. They generally have a 0.98 or higher thermal efficiency rating, so most of the electricity is being used to heat the water, with little wastage.
Conversely, gas units are more expensive initially. Gas units are rated around 0.8 – 0.85 in thermal efficiency. They use more energy to heat the water and so are not as green as electrical units. However, because gas is cheaper than electricity, they will actually be more affordable to operate. They are also more powerful and are a great option for whole-house heating.
Keep in mind that gas prices are expected to rise into the foreseeable future so you may want to consider sticking with electric.
Sizing Matters as Well
You also need to consider sizing a tankless water heater, so you can ensure that what you’re buying is capable of meeting your hot water needs.
For example, if you’ve got two showers, you’ll need a unit capable of heating a higher flow rate of water. By knowing the demands of your household, you will not waste money on buying a unit that is too powerful. Better yet, you will avoid installing a heater that can’t keep up!
On top of this, understand the temperature rise required. If you live in a colder environment, you will need a unit that can bring the temperature up higher. The opposite is true if you live in a warm climate.
YourBestPicks provides a useful guide to correctly sizing your tankless water heater as well as choosing the right model for you.
By choosing to install a tankless water heater, you will not only save more money but also increase the retail value of your property. It’s a wise investment but doesn’t have to stop there. By choosing greener installations for your property, you will reduce running costs and make your property more attractive to potential buyers.
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About the Author
Top Wellington Realtor, Michelle Gibson, wrote: “Is Buying a Tankless Water Heater for Your Home Worth it?”
Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.
Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres and more.