Having a tankless water heater has many advantages. Here are a few reasons why changing to tankless may benefit your home.
Tankless water heaters are more expensive upfront, but the idea is to make up for initial cost by reducing operation costs. Typically, you will enjoy monthly savings of up to 40% off your utility bill, for the lifespan of the water heater. The savings are due to the elimination of wasted energy that is used to heat water in a typical heater while it’s on standby. Instead the water is heated as it starts to flow through the system, so you only pay for what you are using.
A typical water heater is supposed to last 10 to 13 years. Tankless systems are estimated to last up to 20 years. If you plan on staying in your home for a while, the replacement fee savings can make a big difference!
Because a tankless system isn’t required to store hot water in a reservoir, it only uses approximately 1/3 of the physical space in comparison. On top of that, tankless water heaters tend to be rectangular, instead of the traditional cylinders, so it also uses the space more efficiently.