Many people feel that switching to a tankless water heater will provide the best bang for their buck when it comes to monthly and yearly energy savings, but that’s something of a misconception. The reality is that even if a tankless water heater were to save you between $70 and $80 per year (the standard savings) it would take you ages to break even because tankless water heaters are far more expensive than standard water heaters. The average cost of a tankless water heater is around $1000, in comparison to about $300 for the standard type.
In addition, the satisfaction level doesn’t appear to be as high as you would expect from tankless water heaters. People cite much higher required maintenance and inconsistent water temperatures. For more information on pricing and to talk about your options, contact a home heating and cooling professional today.
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