- The cost of installation for a tankless water heater can be expensive
- Though the initial costs are high, tankless water heaters save you money in the long run
- If you’re not sure which model to go with, gas or electric, speak to your local plumber
Tankless water heaters are becoming more popular. If you live in Salt Lake City or Park City, it may be time to consider upgrading to a tankless water heater.
Tankless water heaters offer an endless supply of hot water, leave you with a little extra space in your home, and lower your energy bills in the long run. Homeowners can save an average of $40 to $110 dollars by switching from a traditional storage water heater to either the gas-fired or electric tankless water heater.
The cost of installation for a tankless water heater can be expensive. Tankless water heaters typically cost nearly three times more than a storage heater. You should plan to spend around $1,000 for an average electric tankless water heater and $3,000 for a natural gas-powered one. If your home is not equipped for a tankless water heater, you may have to upgrade your wiring, which requires an electrician. This could cost you as much as $5,000.
Though the initial costs are high, tankless water heaters save you money in the long run, last longer (usually more than 20 years), and are significantly better for the environment. Most tankless water heaters come with a long warranty, ensuring long, reliable service. An average tankless water heater warranty can be up to 15 years as opposed to the average 6 year warranty for storage water heaters.
Electric Tankless Water Heater
Electric tankless water heaters are highly efficient; however they don’t qualify for any rebates. They are anywhere from 93 to 99 percent efficient. Electric heaters must have the right voltage and circuit breaker and should be located near a power source.
Natural Gas Tankless Water Heater
Gas tankless water heaters are nearly 25% more efficient than storage water heaters, making them approximately 60% efficient. One of the nice things about gas tankless heaters is that they qualify for a federal tax rebate of up to $300. There may even be some additional state incentives.
If you’re not sure which model, gas or electric, to go with speak to your local plumber. They can help you decide which option is best for you and give you a quote for the installation process.