When it comes to installing a new water heater, there are many factors to consider. One popular option is a tankless water heater, which can help you save money on energy bills. But how much does a tankless water heater really cost?
In this guide, we’ll explore the cost of a tankless water heater from all angles, including the initial purchase and installation, as well as the long-term energy savings. We’ll also take a look at some of the other features of tankless water heaters and discuss their benefits.
Initial Purchase and Installation Costs
The first thing to consider when calculating the cost of a tankless water heater is the initial purchase price. Tankless water heaters typically cost more than traditional tank-style water heaters. A standard tank-style water heater typically costs around $500, while a tankless water heater can range from $800 to $1,500.
In addition to the cost of the unit itself, you’ll also need to factor in the cost of installation. This can vary greatly depending on the type of installation required. If you’re installing a tankless water heater in a new home or remodeling project, the cost may be minimal. However, if you’re replacing an existing water heater, the installation costs can run anywhere from $500 to $1,000.
Long-Term Energy Savings
While the initial purchase and installation costs of a tankless water heater may be higher than those of a traditional tank-style water heater, tankless water heaters can provide significant long-term energy savings. This is because tankless water heaters only heat water as it’s needed, so you’re not wasting energy by keeping the water hot all the time.
The exact amount of energy savings will depend on your individual usage, but most homeowners can expect to save between 10% and 20% on their energy bills. In addition, many tankless water heaters are also ENERGY STAR certified, which means you may be eligible for a federal tax credit of up to $300.
Other Features and Benefits of Tankless Water Heaters
In addition to the energy savings, there are many other features and benefits of tankless water heaters. For one, they take up less space than traditional tank-style water heaters, which can be a big advantage if you have limited room in your home. They are also much more efficient than traditional water heaters, so you’ll never run out of hot water.
Some tankless water heaters can also be programmed to turn down the temperature when you’re not home, which can further save energy. Additionally, many tankless water heaters are compatible with home automation systems, so you can easily control the temperature and set your desired settings.
Conclusion
The cost of a tankless water heater can be significant, but the long-term energy savings and other benefits can make it a great investment. It’s important to carefully consider all of the costs and benefits before making a decision, and to shop around for the best price. With the right research, you can easily find a tankless water heater that will meet your needs and provide you with years of reliable hot water and energy savings.
