Hugo D. If you go into a homeowner’s basement and see an old-fashioned water heater, you might think it’s a bit bulky and takes up some room. If you see a newer-model tankless water heater, though, you may think it represents the future. Many homeowners feel that same way, and you can find tankless water heaters in more homes these days because of it.
Tankless water heaters provide 24-34% more energy efficiency on average than the old-fashioned kind, so they’re worth considering if you have an old water heater that you’re replacing this year. Let’s get more in-depth about tankless water heaters right now.
The Average Tankless Water Heater Cost
The average tankless water heater can cost $3,100 on the low end or up to about $6,400 on the high end. If you look at that cost versus how much an old-fashioned water heater costs, though, you will see that’s pretty reasonable.
A non-tankless water heater usually costs about $2,500 to $3,000, so it’s not like you’re paying that much more if you go tankless. You may also pay an additional cost with non-tankless versions because the plumber might charge you a fee when they haul the old one away.
What Other Costs Factor In?
You might ask the plumber who can install your new water heater about some other factors when they’re looking at your old unit you’re considering replacing. They might charge more or less if they must install some new venting for your water heater. You may pay more for gas line installation, an upgraded electrical panel, etc.
The fuel source matters too. Your new tankless water heater, assuming you want one, will cost more or less when the plumber considers whether you’re using natural gas or electricity. Propane sometimes costs a little more.
The new water heater’s size matters too. Larger ones cost more. If you have a spacious house with several people living there, you might decide that you require a larger unit that can accommodate more hot water. A larger unit could mean you run the dishwasher in the kitchen while someone takes a shower on the second floor and gets hot water there at the same time.
How Do These Tankless Water Heaters Work?
Tankless water heaters sometimes have the instantaneous or on-demand water heater moniker. If you get one, you do not need a storage tank like you would have with the old-fashioned version. You can run one on natural gas, propane, or electricity.
You can heat water with one, and you don’t need that bulky storage tank like you’d see in a basement years ago. If you have little space in your basement, you might get one for that reason.
The insulated tank that an old-fashioned water heater needed typically held about 30-80 gallons of water in an insulated tank. If you don’t have that in your basement because you have a tankless heater now, you can use that space in other ways.
