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Compare Tankless Water Heater – What To Consider
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Not everyone is a fan of tankless water heaters. Some people even claim that tankless water heaters have ended up being more expensive for them than a tank water heater. Are tankless water heaters all they're made out to be? Are they worth the high up-front investment?

There's no “right answer” to these questions; rather, it depends upon your individual situation. Here are a few factors you should consider before whipping out your credit card to purchase a new tankless water heater system.

Initial Investment

A traditional tank water heater is far cheaper than a tankless water heater – a fact which makes many people hesitant to purchase a tankless water heater. What are the actual economics behind a tankless water heater?

For a family of five, a tankless water heater should be able to save them at least $125 per year in utility costs. However, also consider that the cost of the tankless water heater, plus installation and any home modifications that might need to be made in order to accommodate the unit (such as adding special ventilation for a natural gas-powered water heater), can reach up to $1,550. $1,550 divided by $125 is 12.4: in other words, it will take more than twelve years to pay back that initial investment.

That's the downside of a tankless water heater. If you don't use much hot water, or if you and your family don't expect to stay in your current home for at least thirteen years, a new tankless water heater might not be worth the extra cost.

Save Money in the Long Run

Nevertheless, most owners of tankless water heaters do save money in the long run. Here are a few factors that will off-set the cost of that initial investment:

Tax credit: Thanks to President Obama's Recovery Act, green energy is “in” right now. You can earn up to $1,500 in tax credits for upgrading your water heater to a tankless system government-stamped with an Energy Star. Suddenly that $1,500 price tag doesn't seem so bad! Act fast, however, because this tax credit won't last forever.

New construction vs. existing homes: If you're in the process of building your home, installing a tankless water heater won't be as expensive because you won't need to make pricey modifications to your existing home.

Life expectancy: Even though tankless systems are more expensive, they also have a longer lifespan than a tank water heater. Most tankless water heaters will last at least 20 years before they require replacing.

The more you use, the more you save: The more hot water your family uses, the more money you will save with a tankless water heater as opposed to a traditional tank heater.

Weigh out these pros and cons to a tankless water heater before you make your purchase. The bottom line is that if you purchase a tankless water heater that qualifies for a tax credit, you stand to save quite a bit of money.

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