May 28, 2009 12:17 pm US/Eastern
Angie's List: Tankless Water Heaters
PHILADELPHIA (CBS 3) ―
We're always looking at ways to save on our energy costs, but how much thought have you given to your hot water heater? In today's Angie's List report, Jim Donovan finds that tankless water heaters are becoming more popular.
Hot water accounts for up to 30 percent of an average home's energy budget. A few years ago very few people had tankless water heaters, but that's changed.
Betsy Haas has no regrets about switching from a traditional water heater to a tankless one. Betsy says, "I think the best thing about our hot water heater is that there's just always hot water. We can have everything running at the same time - the dishwasher, the washing machine, the shower, and there's always enough hot water."
Angie's List founder Angie Hicks says, "The advantage of a tankless water heater over a traditional water heater is they don't use as much energy which will save you money. They don't have to keep the water warm while it's sitting in the tank, instead they only heat the water as you need it. Plus they are smaller so they take up less space in your home."
Tankless heaters are efficient but not necessarily economical. Angie says, "The thing to keep in mind is that these tankless water heaters do cost more to buy." Most storage tank units cost between $300 and $500, many tankless models can run between $800 and $1200, quite often double the cost and that doesn't include installation costs.
Many estimates show that you'll save on average $70 to $80 dollars a year on your energy bill with a tankless water heater, but when you factor in those higher upfront costs it will take a while before you break even verus using a traditional storage type unit. So it really depends on your lifestyle. If you use a lot of hot water, have the dishwasher, and washing machine running at the same time you may want to look into it.
RELATED LINK:
www.angieslist.com
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