Water heating is the second-highest expense in a home, accounting for nearly 18% of utility bills. Installing a tankless water heater for homeowners can curtail energy costs, and it also reduces their carbon footprint.
- Tankless heaters cost more upfront, but they have a longer life expectancy (20+ years) than conventional storage tank heaters (10-15 years).
- Homeowners usually can recoup some of the initial cost through tax credits and other energy-efficiency incentives and rebates.
- For homes that use 41 gallons or less of hot water daily, tankless heaters can be 24% to 34% more energy-efficient than storage tank heaters.
- For homes that use 86 gallons of hot water daily, tankless heaters can still yield energy savings between 8% and 14%.
- Tankless heaters are generally small and mounted on the wall, so they take up far less space than storage tank heaters.
- Water can sit in a storage tank heater for an extended period, but the on-demand nature of tankless heaters ensures fresher hot water.
- The efficiency of storage tank heaters decreases over time due to sediment buildup, so homeowners end up paying more to heat water.
SOURCE: U.S. Department of Energy
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