The answer to the question posed in the title of this blog is, yes, a tankless water heater can save you money. However, there is a lot to consider when deciding if a tankless water heater in Fort Collins, CO, is actually the right system for your needs and personal user preference. Plus, there is your budget to consider. Because a tankless water heater can certainly save you money, you have to look at it as a long term investment.
A lot of homeowners thinking about using a tankless water heater stop thinking about it when they see the price tag on these systems. It is true that they cost more than traditional tank water heaters do. That initial investment should not necessarily deter you, though, because the improved efficiency with which these systems operate can offset that initial investment and save you money provided that you give it the time to do so. Call our plumbers today if you’re thinking about going tankless.
If There’s No Tank, Where’s the Water?
For many homeowners, the mention of a water heater conjures up the classic image of a big, cylindrical tank in the basement. This was the standard for so long that it can be difficult to imagine providing hot water throughout a house without a tank of hot water waiting at the ready. That is exactly what is accomplished in using a tankless, or “on-demand,” water heater, though.
Rather than store hot water in a tank, a tankless water heater simply heats the water that you need, when you need it. Cold water circulates through the system when you open a tap or run an appliance using water in the house. If it’s hot water that you’re looking for, the system heats that water as it passes through. When you shut off the hot water, the system stops heating it. It’s just that simple. But why pay more for a water heater, just to ditch the tank?
No More Standby Energy Loss
Modern hot water tanks are very well-made and are very well-insulated. The fact remains that no water heater tank is immune to the effects of standby energy loss, though. Keep in mind a basic principle of heat—it moves from warmer areas to cooler ones. And the air surrounding your water heater is definitely way cooler than the hot water stored inside the tank, right?
That means that some energy is going to transfer through the tank and into the cooler air surrounding it. It may not be much heat, but over the years that is going to really add up. This is why so many homeowners are starting to turn to tankless systems, despite them being more expensive.
Long Term Energy Savings—and We Mean Long Term!
An added benefit to the tankless water heater is the fact that it has such a long lifespan. If you plan to be in your home for many years to come, don’t be turned off by investing in this relatively expensive technology. Where a tank water heater has lower efficiency and lasts around 12 years or so, a more efficient tankless water heater can last in excess of 20 years! That means a lot of years of improved efficiency and energy savings!