When you think of the household items that are most to blame for your high electric bill, chances are good that you pinpoint the usual suspects. Most people think of the television, lights, kitchen appliances, and washer/dryer combos as being some of the biggest offenders. But you would probably be surprised to learn that the number one reason behind your high electric bill is an item that operates 24 hours a day. Your storage tank water heater is robbing you blind, and you may not even realize it. The reason for this is because a standard storage tank water heater is constantly working to keep water heated, even when you are not using it. This leads to increased energy usage and an inflated electric bill. However, many homeowners looking to save some bucks have recently turned to alternative devices known as tankless water heaters. In this article, we’ll examine just how effective these types of systems are, while answering the question: Does a tankless water heater save money?
A tankless water heater works in quite a different way than a storage tank heater. A tankless water heater kicks into action only when you turn on a hot water tap, heating water through copper and brass heating elements. When you shut the water off, the tankless water heater also shuts off. This leads to the preservation of energy and subsequently lowers electric bills. In fact, most homeowners can save on average between 30% - 50% off their current bill. Pretty nice, huh? But this is only one of the more obvious ways in which a tankless water heater can save you money. Let’s turn our attention to some other cost-cutting features that come along with this device.
For starters, the federal government will reward you with a $300 tax credit just for installing a tankless water heater. The government isn’t known for just handing out free cash, so that should tell you that they believe in the benefits tankless water heaters afford. And while purchasing and installing a unit will initially cost around $1800, these units will last for 20 years or more without any need for maintenance. That $1800 investment will certainly pay for itself in a couple years time when you consider the huge savings on your monthly electric bill.
There are two other ways in which a tankless water heater can save you money. First, storage tank water heaters tend to develop leaks at some point. These leaks can end up costing you thousands of dollars in repairs and replacements. These types of leaks are not a concern with a tankless water heater, thus saving you money down the line. In addition, tankless water heaters are equipped with venting systems that filter out any harmful gasses or impurities. This keeps your family safe and healthy, and free from the concerns that sometimes come with storage tank water heaters.
As you can see, a tankless water heater does save money in a variety of ways. So if you are serious about lowering your outrageous monthly electric bills, why not look into installing this system into your own home? Your wallet will surely thank you.