Thinking About a Tankless Water Heater

By
Real Estate Agent with RE/MAX Action Realty PARE # RS208307

Tankless water heaters can lead to big savings. However, there are pros and cons to installing a tankless water heater. In order to help you weigh the pros and cons, here are the most important things you need to know before you buy and install your tankless water heater.  


 
1: Higher Initial Costs
 
For a typical tank water heater, on average you would pay between $300 and $800. For a tankless water heater, the initial costs to install it can range anywhere from $1,000 to $3,000. That doesn't even include the accessories required for installation.
 
From valves, adaptors and tubes to rewiring the electricity in your home, installing a tankless water heater can cost up to $5,000 altogether. These costs can pile up quickly, so make sure that you have accurately assessed your needs and the associated costs before you go ahead and take the plunge. 
 
2: Longer Life, Lower Energy Costs, Less Space
 
So why would you pay $5,000 for something that you could buy for less than $1,000? For one thing, according to the U.S. Department of Energy, you will save around $64 more per year on your electric bill by switching to a gas or electric tankless water heater. Both of these are more energy efficient than a storage tank water heater. 
 
On top of that, tankless water heaters last longer. These water heaters have a longer than 20-year lifespan, as opposed to storage tank heaters, which last only around 10 years. And tankless water heaters take up much less space than do traditional tank water heaters.

3: To Self-Install or Not to Self-Install

If you plan to self-install your tankless water heater, make sure you read the owner's manual thoroughly. Be careful installing the chimneypieces, gas line or electric wiring, and water line so you that it gets installed safely.

Though significantly smaller in size, tankless water heaters possess three times the heating capacity, creating three times the "boom" if installed incorrectly. It is highly recommended that unless you are a licensed plumber, you let a professional installer or plumber install your tankless water heater.

4: Checklist

You've decided you want to purchase a tankless water heater. Before you hand over your hard-earned money, you'll want to make sure that you have checked off these items on your list:

  • Determine your hot water needs.
  • Understand the needs of large appliances like the dishwasher and washing machine.
  • Carefully plan the location of your water heater.
  • Check your gas and water supplies. 
  • Know your local building codes. 
  • Make sure venting material complies with the manufacturer's specifications. 

 

 

complements of homeactions

Contact John Handschuh for "A HANDS ON APPROACH TO REAL ESTATE" john@johnhandschuh.com

Horsham Real Estate

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Rainmaker
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Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

This is great information for all home owner's to read. Thanks for sharing the information I hope you have a great afternoon.

Jan 03, 2017 09:46 AM #1
Rainmaker
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Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

I had one installed in my home and I can tell you from experience, in 2 years it has already paid for itself in Electrical bill savings!

Thanks for sharing John Handschuh 

Jan 03, 2017 10:24 AM #2
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Really good information John. We installed a tankless water heater in our home two years ago & it's been wonderful. Yes, the upfront costs are more over a tank but instead of storing & constantly heating the water in a tank with a tankless you only heat (spend money) on what you use. And the unlimited hot water is a godsend when you have two boys around 

Jan 03, 2017 05:50 PM #3
Rainmaker
380,886
John Handschuh
RE/MAX Action Realty - Horsham, PA
Realtor ABR SRES, Horsham Real Estate

Hi Debe,

Yes the initial cost is greater, it does pay for itself.

 

Make it a great day !

Jan 04, 2017 04:40 AM #4
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Rainmaker
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John Handschuh

Realtor ABR SRES, Horsham Real Estate
215-358-1108
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