If you are considering replacing your current water heater with a tankless water heater, you should ask yourself one important question 'Do tankless water heaters save money'. This is the question on everybody's mind. Many people are only willing to invest in home improvement projects that will either increase the value of their home or reduce the amount of money they spend in maintaining their homes. It therefore makes sense to gauge the value of your proposed investment on the basis of the savings that it will help you make.
To answer the question 'do tankless water heaters save money' it is important to understand exactly what tankless water heaters are and how they work.
What are tankless water heaters?
Tankless water heaters are just as their name describes them to be. While the traditional water heater has a tank in which water is heated, the tankless water heater doesn’t. The water is heated on demand. This means that the water is heated as it is needed as opposed to heating a tank full of water and storing it for use later.
In this system, water is heated as it passes through the compact heating unit. This means that heat is not lost as it would be from water stored in a tank.
Benefits of tankless water heaters
These water heaters have become quite popular over the year. As more homeowners realize that they themselves have a role to play in the reduction of the cost of running their own homes, they are beginning to make changes that will help them to do so. One such change involves installing energy efficient devices in the home.
A tankless water heater does not have a tank in which water is heated or stored after heating. Water is heated upon demand. This means that there is no heat lost from the heated water as with water stored in a tank after heating. This therefore results in saving of energy.
The tankless water heater also saves space. You will not have to take down any walls to have the heating system installed. This is because this water heating system does not include a water storage tank. It is therefore ideal for small homes.
If you are searching for answers to the questions 'do tankless water heaters save money?' you will be interested in weighing the amount of power that the tankless water heaters consume in comparison to the regular water heaters that have storage tanks.
As stated earlier, the water is heated as it passes through the compact heating unit. The water is therefore heated almost instantaneously. The heater therefore has t draw a great deal of power to achieve the heating process. Some tankless water heaters can draw as much power as nine air conditioners to heat water required for use in a household. The power saved however results from the fact that no heat loss is experienced with a tankless water heater.
When using a tankless water heater, you will find that the temperature of the water will drop when more than one sources of hot water is opened. For example if more than one shower is turned on, the temperature of the water will drop. However, if only one shower is on, the temperature of the water will be just fine.
Experts estimate that the power savings from using a tankless water heater would result in a saving of about $2 in a month depending on the consumption of hot water in the home. This however, can be increased through wise use of water and purchasing an energy efficient water heating system.