Stock photo licensed from iStockphoto.com
Tankless Water Heaters
Tankless water heaters are being promoted more in North America, and one of the benefits everyone is talking about is the supposed cost saving versus a traditional water heater. However, significant savings can only be realized in certain specific situations:
1) when the water tank is very far from the point of use
2) when use is infrequent, such as a single-person home
Outside of these situations, you are unlikely to recover the higher installation fee over the lifetime of the tankless heater. (In addition, you should never switch water heaters if your existing model is still functional. The value lost by a premature replacement will dwarf the monthly savings.)
If cost savings are your main motivation, consider lowering the temperature on your existing tank heater instead. This simple change can save you money right away, with no new equipment required.
Got questions about energy costs, alternatives, and savings? Just ask me, I'll be happy to help.