There’s a heated debate between traditional tank water heaters and their more modern counterpart, tankless water heaters. One uses a large tank to store and heat water, while the other heats water on demand without needing any storage. Beyond the convenience of never running out of hot water, there lies a significant financial advantage to making the switch.
Will a tankless water heater save money? The answer is a resounding yes. Let’s delve into the financial perks of upgrading to a tankless system and how it can put more money back into your pocket over time.
Lower Energy Bills
Efficient Energy Usage
Tankless water heaters directly warm water as it passes through the device, eliminating the requirement for a bulky storage tank. An electric element or a gas burner instantaneously heats the cold water drawn into the unit via a pipe when you turn the hot water tap on. This process eliminates standby energy losses associated with traditional tank heaters, where heat escapes through the tank walls even when you’re not using hot water.
Whether you’re washing dishes, doing laundry, or taking a shower, the tankless heater springs into action only at that moment, leading to substantial savings on your monthly energy bills. Jolly Plumbing offers comprehensive tankless water heater services, ensuring a seamless transition and professional installation.
Potential for Energy Savings
The U.S. Department of Energy highlights that for households using up to 41 gallons of hot water every day, traditional tank heaters are 24 to 34% less energy-efficient than tankless water heaters. Additionally, homes with higher hot water consumption — approximately 86 gallons per day — can still achieve energy savings of eight to 14% by switching to a tankless system. These numbers put the potential energy savings into perspective, making the benefits of tankless water heaters even more significant.
Long-Term Cost Savings
Reduced Maintenance Costs
Tankless water heaters are renowned not only for their efficiency and space-saving designs, but also for their longevity and lower maintenance requirements than traditional tank models.
On the one hand, tank heaters accumulate sediment and scale inside the tank that can corrode and reduce efficiency over time. On the other hand, tankless units have minimal sediment buildup as water is not stored but rather heated as it passes through.
Tankless water heaters substantially reduce the likelihood of corrosion and scale accumulation. Consequently, they generally require less frequent maintenance, which can significantly reduce the costs and hassles of water heater upkeep.
Proper maintenance is still essential for ensuring optimal performance and longevity of tankless water heaters. Contact Jolly Plumbing for regular maintenance services and keep your tankless water heater in top condition.
Longer Lifespan
Tankless water heaters also possess a distinct advantage in terms of durability. A tankless water heater’s average lifespan significantly exceeds that of traditional storage water heaters, with many models designed to last up to 20 years. In comparison, traditional tank heaters typically have 10 to 15 years of lifespan.
Extended durability is a key factor contributing to the long-term cost savings of tankless systems, as homeowners will likely face fewer replacements over the lifetime of their homes. Read our article on the benefits of tankless water heaters for in-depth insights into how they can provide long-term savings.
Rebates and Tax Incentives
Available Rebates
In addition to energy savings and reduced maintenance costs, financial incentives are available for homeowners who choose to install tankless water heaters.
Many local governments and utility companies recognize the environmental and economic benefits of tankless water heaters by offering attractive rebates to homeowners who make the switch. These rebates can significantly reduce the initial cost of purchasing and installing a tankless system.
If you’re interested in taking advantage of available rebates for tankless water heater installations, trust Jolly Plumbing for guidance and assistance.
Tax Credits
Homeowners may also qualify for federal tax credits for making energy-efficient home improvements, such as having a tankless water heater. These tax credits can provide additional savings around tax season, further enhancing the financial benefits of switching to a tankless system. Learn more about available tax credits through Jolly Plumbing’s article on the benefits of tankless water heaters.
Increased Property Value
Attractiveness to Homebuyers
Beyond the immediate financial benefits, installing a tankless water heater can also increase the value of your property.
Energy-efficient features like tankless water heaters are increasingly attractive to potential homebuyers. As energy costs continue to rise, more buyers seek homes with energy-efficient upgrades that can help them save money on utilities in the long run. By investing in a tankless water heater now, you’re saving money for yourself and making your home more appealing to future buyers.
If you’re considering upgrading your water heater and want to explore how it can impact your property value, contact Jolly Plumbing for personalized assistance.
Investment in the Future
Investing in a tankless water heater not only addresses current needs for efficiency and cost savings but also serves as a strategic investment in the long-term value of your property. These systems are premium upgrades that can distinguish your home in a competitive real estate market, potentially speeding up the sale process and attracting offers closer to your asking price.
For homeowners, the benefits extend beyond the immediate perks of energy savings and federal incentives; they lay a foundation for a future where your property remains relevant and desired in an increasingly eco-conscious market. Discover more insights and the extended benefits of tankless water heaters.
The Bottom Line
Will a tankless water heater save money? Yes, and more!
Switching to a tankless water heater isn’t just a smart choice for your comfort and convenience — it’s also a savvy financial decision. The financial benefits of tankless water heaters are clear, from lower energy bills and reduced maintenance costs to potential rebates and tax incentives. Plus, by increasing your property value and appeal to potential buyers, installing a tankless water heater is an investment in the future of your home.
If you’re ready to start saving money and enjoying the myriad of benefits of a tankless water heater, contact Jolly Plumbing today for a consultation. Let us help you make the switch and start reaping the financial rewards!
