If you’ve ever experienced the sudden shock of being blasted with freezing cold water during a relaxing shower, you know how frustrating running out of hot water can be. So frustrating, that you may want to jump right out of the shower and purchase a brand new tankless water heater right then and there. Not only will a tankless water heater provide endless hot water to your Raleigh or Wilmington, North Carolina home, but it will also save you money on your energy bills each month.
While it may sound like an obvious decision, there are a number of factors that you should consider before deciding to install a tankless water heater in your home.
How does a tankless water heater work?
Traditional hot water heaters keep all of the water inside their 60-80 gallon tank hot at all times. After all, you never know when you’re going to need to shower or wash up! Always having hot water on hand sounds convenient, but did you know that keeping that much water hot 24 hours a day is costing you roughly 30 percent of your home’s total monthly energy costs?
While the technology and parts inside a tankless water heater may be complicated, the basic idea of how they work is relatively simple. The water is instantly heated as it passes by the gas burner or electric coils (depending on which type you have installed). This means that you don’t have to keep the water in the tank hot at all times and you will never run out of hot water! According to the US Department of Energy, this provides an average of $100 or more in annual energy savings.
I’ve heard that tankless water heaters are expensive. Are they worth the added cost?
It’s true that tankless water heaters are typically significantly more expensive to purchase and to install than traditional hot water heaters. Whether or not it’s worth it depends on your situation.
Tankless water heaters have an average estimated lifespan of 20 years. Compared to a traditional water heater that only lasts 10-15 years, this is a big difference. Since they are less expensive to operate, this longer lifespan gives you even more time to make up the initial cost of the tankless water heater by saving money each month on your energy bill.
Other added benefits of a tankless water heater are that they are roughly one-third the size of an average traditional water heater and have parts that are easy to replace, making it possible to extend the life of the unit even further.
Are you interested in calculating your current and potential energy costs? Try ENERGY.GOV’s Energy Cost Calculator for Electric and Gas Water Heaters to see the difference a tankless water heater could make.
Still have questions about tankless water heaters or other great ways to save energy in your North Carolina home? Contact Newcomb & Company! We are proud to serve your community, from the Triangle to the coast.