Did you know that as much as 30% of any home’s energy budget can be the result of creating hot water? It’s certainly one thing to keep in mind if you’re building a new home, renovating an older home of retrofitting your existing water heating system. The big decision is whether you should install another hot water tank or a tankless water heater.
When it’s time to evaluate your existing hot water or water heating system you’ll have to make the choice. Do you want the same thing you already have or do you want to try something different and new. Most homeowners will just opt for the same size water tank to replace their existing one. This can be the result of their current supply recommendation or just simply out of not putting much thought into the decision.
You probably know that a traditional hot water tank simply keeps a reservoir of hot water ready to go all day every day, whether it’s being used or not. Comparatively, a tankless water heater only creates hot water when it’s demanded by a faucet or appliance. Overall, this means less stored water, less cost and less space taken up in your home.
A Tankless Water Heater Summary
- Size matters when you purchase and install a tankless water heater. They can be purchased to service a single room in the house or the entire house. It really depends on your need. It’s important to understand how many faucets and appliances will be demanding hot water from your home in order to select the right sized tankless water heater.
- Tankless water heaters typically run on natural gas, propane or electricity. It’s important to understand what options you have available depending on the type of installation. Electric models will require specific voltage and amperage while gas models will need with electricity and venting to operate properly and safely.
- The farther north you go in Canada the colder the water coming into the house will be. This will affect both the flow and speed of the water as it heats up in your tankless water heater.
- If you have a busy household then it might make sense to have a larger unit. This will allow you to do things like run the dishwasher, the laundry and take a shower all at the same time.
- Many models have available rebates, which can save you money up front. The upfront cost is another reason people turn back to hot water tanks. Rebates can come from manufacturers, utility providers, municipalities and other government divisions.
- The payback on a tankless water heater is long-term. Up front these units will cost you more. They can range between $800 and $1200, while a hot water tank is about $400 to $800. These costs don’t include installation. The difference is that over the many years you use hot water in your home. The tankless hot water heater will save you money each month on your energy bills. It’s also much more environmentally friendly because it uses less energy. A tankless water heater can be up to 35% more efficient than a traditional hot water tank.